Veeva Systems’ (VEEV) “Buy” Rating Reaffirmed at Needham & Company LLC

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They currently have a $270.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 25.76% from the company’s current price.

Several other brokerages have also recently weighed in on VEEV. Citigroup raised their target price on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a report on Monday, December 9th. Robert W. Baird raised their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a report on Friday, December 6th. BNP Paribas initiated coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price for the company. KeyCorp cut their price target on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company upped their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $255.74.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $214.70 on Friday. The company has a market cap of $34.86 billion, a price-to-earnings ratio of 53.01, a price-to-earnings-growth ratio of 1.91 and a beta of 0.84. The stock’s 50-day moving average is $222.85 and its two-hundred day moving average is $209.19. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93.

Insider Transactions at Veeva Systems

In other 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 completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The transaction was disclosed in a legal 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 completion of the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was 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 Investors Weigh In On Veeva Systems

A number of hedge funds have recently added to or reduced their stakes in VEEV. MassMutual Private Wealth & Trust FSB increased its position in 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. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Veeva Systems during the third quarter worth $26,000. True Wealth Design LLC raised its position in Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Veeva Systems during the 3rd quarter worth $49,000. Institutional investors and hedge funds 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.