Veeva Systems (NYSE:VEEV) Shares Gap Up After Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV)’s stock price gapped up before the market opened on Thursday after Scotiabank raised their price target on the stock from $240.00 to $245.00. The stock had previously closed at $219.94, but opened at $232.84. Scotiabank currently has a sector perform rating on the stock. Veeva Systems shares last traded at $237.12, with a volume of 627,134 shares trading hands.

A number of other equities analysts have also recently weighed in on the stock. Bank of America upped their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Robert W. Baird raised their target price on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $270.00 price objective on shares of Veeva Systems in a report on Thursday. Finally, Barclays increased their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $255.28.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB boosted its position in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new position in Veeva Systems during the fourth quarter worth $25,000. Smithfield Trust Co boosted its position in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after buying an additional 80 shares during the period. True Wealth Design LLC grew its stake in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after buying an additional 135 shares in the last quarter. Finally, Avion Wealth raised its holdings in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after buying an additional 127 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Up 4.6 %

The company has a fifty day moving average of $224.92 and a 200-day moving average of $220.03. The stock has a market cap of $40.12 billion, a PE ratio of 61.01, a P/E/G ratio of 1.89 and a beta of 0.88.

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.