Canaccord Genuity Increases Veeva Systems (VEEV) Price Target to $75.00
Veeva Systems (NYSE:VEEV) had its price objective boosted by Canaccord Genuity from $70.00 to $75.00 in a report issued on Wednesday, MarketBeat.com reports. Canaccord Genuity currently has a buy rating on the technology company’s stock.
Several other research analysts have also issued reports on VEEV. Morgan Stanley upgraded Veeva Systems from an equal weight rating to an overweight rating in a research report on Tuesday, January 30th. DA Davidson assumed coverage on Veeva Systems in a research report on Friday, February 2nd. They issued a buy rating and a $75.00 price target on the stock. Zacks Investment Research lowered Veeva Systems from a hold rating to a sell rating in a report on Friday, February 2nd. Vetr upgraded Veeva Systems from a buy rating to a strong-buy rating and set a $61.05 target price on the stock in a report on Thursday, February 8th. Finally, William Blair reiterated an outperform rating on shares of Veeva Systems in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $69.62.
Veeva Systems (NYSE:VEEV) opened at $73.77 on Wednesday. Veeva Systems has a 12-month low of $43.49 and a 12-month high of $74.12. The stock has a market capitalization of $10,430.00, a price-to-earnings ratio of 80.18, a PEG ratio of 5.52 and a beta of 1.46.
In other Veeva Systems news, CFO Timothy S. Cabral sold 50,000 shares of Veeva Systems stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $55.74, for a total value of $2,787,000.00. Following the sale, the chief financial officer now owns 50,000 shares of the company’s stock, valued at approximately $2,787,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Sekhri sold 4,622 shares of Veeva Systems stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $65.00, for a total value of $300,430.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 171,039 shares of company stock worth $9,802,533. Corporate insiders own 19.17% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Common Retirement Fund raised its stake in shares of Veeva Systems by 2.2% in the 3rd quarter. New York State Common Retirement Fund now owns 1,619,820 shares of the technology company’s stock valued at $91,374,000 after purchasing an additional 35,073 shares during the period. Fred Alger Management Inc. raised its stake in shares of Veeva Systems by 9.1% in the 4th quarter. Fred Alger Management Inc. now owns 1,024,930 shares of the technology company’s stock valued at $56,658,000 after purchasing an additional 85,781 shares during the period. OppenheimerFunds Inc. raised its stake in shares of Veeva Systems by 1.7% in the 4th quarter. OppenheimerFunds Inc. now owns 708,052 shares of the technology company’s stock valued at $39,141,000 after purchasing an additional 11,851 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Veeva Systems by 0.7% in the 4th quarter. Bank of New York Mellon Corp now owns 638,077 shares of the technology company’s stock valued at $35,273,000 after purchasing an additional 4,568 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Veeva Systems by 80.7% in the 4th quarter. Renaissance Technologies LLC now owns 635,200 shares of the technology company’s stock valued at $35,114,000 after purchasing an additional 283,688 shares during the period. 69.55% of the stock is currently owned by hedge funds and other institutional investors.
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Veeva Systems Company Profile
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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