Veeva Systems (NYSE:VEEV) Sets New 1-Year High on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV) reached a new 52-week high during trading on Friday after Scotiabank raised their price target on the stock from $235.00 to $240.00. Scotiabank currently has a sector perform rating on the stock. Veeva Systems traded as high as $258.93 and last traded at $250.25, with a volume of 781018 shares trading hands. The stock had previously closed at $231.66.

A number of other equities research analysts have also recently commented on the stock. Barclays raised their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday. Needham & Company LLC upped their price objective on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday. Citigroup boosted their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Finally, Bank of America raised their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $254.04.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction 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 sale, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated 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 in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Institutional Trading of Veeva Systems

Institutional investors have recently bought and sold shares of the stock. General American Investors Co. Inc. acquired a new stake in shares of Veeva Systems during the third quarter worth $5,133,000. Procyon Advisors LLC purchased a new position in Veeva Systems in the 3rd quarter worth $712,000. Envestnet Portfolio Solutions Inc. lifted its position in Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after acquiring an additional 9,232 shares during the period. Principal Financial Group Inc. grew its stake in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after purchasing an additional 2,733 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Up 8.1 %

The stock has a market capitalization of $40.56 billion, a PE ratio of 61.84, a PEG ratio of 2.30 and a beta of 0.82. The firm has a 50 day moving average price of $218.29 and a 200-day moving average price of $202.85.

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.