Veeva Systems (NYSE:VEEV) Given “Outperform” Rating at Raymond James

Raymond James reissued their outperform rating on shares of Veeva Systems (NYSE:VEEV) in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a $260.00 price objective on the technology company’s stock.

A number of other equities analysts have also recently issued reports on VEEV. Canaccord Genuity Group cut their price target on Veeva Systems from $210.00 to $185.00 and set a hold rating on the stock in a report on Thursday, December 7th. Truist Financial increased their target price on Veeva Systems from $187.00 to $203.00 and gave the stock a hold rating in a report on Friday, March 1st. Needham & Company LLC increased their target price on Veeva Systems from $220.00 to $260.00 and gave the stock a buy rating in a report on Friday, March 1st. Jefferies Financial Group increased their target price on Veeva Systems from $225.00 to $270.00 and gave the stock a buy rating in a report on Monday, March 4th. Finally, Oppenheimer reiterated an outperform rating and issued a $225.00 target price on shares of Veeva Systems in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $234.90.

Veeva Systems Stock Performance

Veeva Systems stock opened at $231.69 on Tuesday. The stock has a market capitalization of $37.31 billion, a price-to-earnings ratio of 71.95, a PEG ratio of 2.36 and a beta of 0.74. Veeva Systems has a 52-week low of $160.21 and a 52-week high of $236.90. The stock’s 50 day moving average price is $220.63 and its two-hundred day moving average price is $202.37.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. The firm had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. On average, equities research analysts forecast that Veeva Systems will post 4.11 EPS for the current year.

Insider Activity

In other news, Director Matthew J. Wallach sold 5,000 shares of the firm’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $186.05, for a total transaction of $930,250.00. Following the completion of the sale, the director now directly owns 109,025 shares of the company’s stock, valued at approximately $20,284,101.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at approximately $4,500,359.76. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew J. Wallach sold 5,000 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $186.05, for a total value of $930,250.00. Following the completion of the transaction, the director now owns 109,025 shares of the company’s stock, valued at approximately $20,284,101.25. The disclosure for this sale can be found here. Insiders sold a total of 29,498 shares of company stock valued at $6,219,253 in the last ninety days. 10.98% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in VEEV. Norges Bank bought a new stake in shares of Veeva Systems during the 4th quarter valued at about $259,703,000. Wellington Management Group LLP increased its stake in Veeva Systems by 1,578.4% in the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after purchasing an additional 1,414,726 shares during the period. Linonia Partnership LP purchased a new position in Veeva Systems in the 4th quarter worth approximately $157,043,000. Invesco Ltd. increased its stake in Veeva Systems by 239.7% in the 3rd quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock worth $194,570,000 after purchasing an additional 674,785 shares during the period. Finally, Viking Global Investors LP purchased a new position in Veeva Systems in the 4th quarter worth approximately $111,614,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.