Veeva Systems (NYSE:VEEV) Hits New 12-Month High on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV)’s stock price hit a new 52-week high during trading on Tuesday after Barclays raised their price target on the stock from $315.00 to $360.00. Barclays currently has an overweight rating on the stock. Veeva Systems traded as high as $320.44 and last traded at $317.2840, with a volume of 161,583 shares. The stock had previously closed at $316.80.

VEEV has been the topic of a number of other reports. Weiss Ratings upgraded Veeva Systems from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. Canaccord Genuity Group upped their price objective on Veeva Systems from $220.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 27th. Robert W. Baird raised their price objective on Veeva Systems from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Oppenheimer reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. Finally, Truist Financial lifted their target price on Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Nineteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $287.79.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total value of $195,780.00. Following the transaction, the director directly owned 3,242 shares of the company’s stock, valued at approximately $846,291.68. The trade was a 18.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 5,198 shares of the company’s stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the transaction, the senior vice president directly owned 4,130 shares in the company, valued at approximately $1,237,843.60. The trade was a 55.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock valued at $727,513,000 after buying an additional 271,252 shares during the last quarter. Swedbank AB boosted its holdings in Veeva Systems by 43.5% in the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock worth $288,983,000 after acquiring an additional 498,971 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Veeva Systems by 43.6% during the first quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company’s stock worth $279,970,000 after acquiring an additional 483,720 shares during the last quarter. Amundi grew its stake in shares of Veeva Systems by 8.0% during the first quarter. Amundi now owns 992,977 shares of the technology company’s stock worth $174,426,000 after acquiring an additional 73,510 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Veeva Systems by 203.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after acquiring an additional 611,868 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

The stock has a market cap of $51.58 billion, a price-to-earnings ratio of 52.38, a P/E/G ratio of 1.32 and a beta of 0.93. The company’s fifty day moving average price is $271.47 and its 200-day moving average price is $209.17.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to analysts’ expectations of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. Veeva Systems’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same period last year, the business earned $1.99 EPS. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, sell-side analysts forecast that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Veeva Systems Company Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.

The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.