Veeva Systems (NYSE:VEEV) Price Target Raised to $270.00

Veeva Systems (NYSE:VEEV) had its target price boosted by Needham & Company LLC from $260.00 to $270.00 in a research note issued to investors on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

A number of other analysts also recently commented on the company. Barclays boosted their price objective on Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Scotiabank assumed coverage on shares of Veeva Systems in a report on Monday, November 18th. They issued a “sector perform” rating and a $235.00 price target for the company. Piper Sandler lifted their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Mizuho assumed coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price for the company. Finally, TD Cowen lifted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.04.

Veeva Systems Stock Up 8.1 %

VEEV stock opened at $250.45 on Friday. The company has a 50-day simple moving average of $218.29 and a 200 day simple moving average of $202.83. The company has a market capitalization of $40.56 billion, a P/E ratio of 61.84, a PEG ratio of 2.43 and a beta of 0.82. Veeva Systems has a fifty-two week low of $165.12 and a fifty-two week high of $258.93.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of VEEV. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after buying an additional 1,267,061 shares during the last quarter. FMR LLC boosted its position in shares of Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after acquiring an additional 610,021 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Veeva Systems by 761.7% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock worth $62,493,000 after acquiring an additional 263,214 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Veeva Systems during the third quarter worth $50,584,000. 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 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.