Morgan Stanley Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price target hoisted by Morgan Stanley from $183.00 to $195.00 in a report issued on Tuesday morning,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other equities analysts also recently issued reports on VEEV. UBS Group raised their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Truist Financial reaffirmed a “hold” rating and set a $261.00 target price (up from $207.00) on shares of Veeva Systems in a research report on Friday, December 6th. Wells Fargo & Company upped their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Stifel Nicolaus increased their price target on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, TD Cowen lifted their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $256.58.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $226.46 on Tuesday. The company has a 50 day simple moving average of $222.25 and a 200 day simple moving average of $204.62. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a market cap of $36.77 billion, a PE ratio of 55.92, a price-to-earnings-growth ratio of 2.03 and a beta of 0.82.

Insider Activity at Veeva Systems

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

Hedge Funds Weigh In On Veeva Systems

Several large investors have recently added to or reduced their stakes in the business. Mowery & Schoenfeld Wealth Management LLC bought a new position in Veeva Systems during the 3rd quarter valued at $26,000. True Wealth Design LLC lifted its position in shares of Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Blue Trust Inc. grew its position in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after purchasing an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new stake in Veeva Systems in the 2nd quarter valued at about $35,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Veeva Systems during the 3rd quarter worth approximately $49,000. 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.