Piper Sandler Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price target boosted by Piper Sandler from $230.00 to $280.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target points to a potential upside of 19.04% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Bank of America increased their price objective on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and set a $260.00 price target on shares of Veeva Systems in a research report on Friday. Robert W. Baird decreased their price objective on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, October 28th. JPMorgan Chase & Co. increased their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Finally, Guggenheim raised their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $235.04.

Veeva Systems Stock Up 5.3 %

VEEV stock opened at $235.21 on Friday. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $237.57. The firm has a market cap of $38.09 billion, a price-to-earnings ratio of 59.57, a PEG ratio of 2.10 and a beta of 0.81. The business’s fifty day simple moving average is $213.48 and its two-hundred day simple moving average is $199.34.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The company had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Research analysts expect that Veeva Systems will post 4.21 EPS for the current year.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 10.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. General American Investors Co. Inc. acquired a new stake in Veeva Systems during the 3rd quarter valued at approximately $5,133,000. Procyon Advisors LLC acquired a new position in Veeva Systems during the third quarter valued at $712,000. Envestnet Portfolio Solutions Inc. boosted its holdings in Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in Veeva Systems by 46.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after purchasing an additional 42,396 shares during the period. Finally, SageView Advisory Group LLC raised its stake in shares of Veeva Systems by 11,010.4% during the 1st quarter. SageView Advisory Group LLC now owns 168,545 shares of the technology company’s stock valued at $39,050,000 after buying an additional 167,028 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics 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.