Veeva Systems Inc. (NYSE:VEEV) Receives $308.04 Consensus Target Price from Analysts

Shares of Veeva Systems Inc. (NYSE:VEEV) have received an average recommendation of “Moderate Buy” from the twenty-six research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and eighteen have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $302.5833.

Several equities research analysts recently issued reports on VEEV shares. Needham & Company LLC reissued a “buy” rating and issued a $355.00 target price on shares of Veeva Systems in a research report on Friday, November 21st. KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a report on Friday, December 12th. BTIG Research restated a “buy” rating and set a $340.00 price objective on shares of Veeva Systems in a report on Friday, November 21st. The Goldman Sachs Group began coverage on Veeva Systems in a research report on Tuesday, January 13th. They issued a “sell” rating and a $215.00 target price on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and set a $330.00 price target on shares of Veeva Systems in a research report on Monday, November 24th.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently modified their holdings of VEEV. Linden Thomas Advisory Services LLC boosted its holdings in Veeva Systems by 0.3% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock worth $3,707,000 after acquiring an additional 35 shares during the period. Sigma Planning Corp lifted its position in shares of Veeva Systems by 1.2% during the second quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock worth $958,000 after purchasing an additional 39 shares in the last quarter. Personal CFO Solutions LLC boosted its stake in shares of Veeva Systems by 3.5% in the third quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company’s stock valued at $346,000 after purchasing an additional 39 shares during the period. AFT Forsyth & Company Inc. grew its holdings in Veeva Systems by 4.2% during the 3rd quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock valued at $293,000 after purchasing an additional 40 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. increased its stake in Veeva Systems by 0.4% during the 3rd quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company’s stock worth $2,806,000 after buying an additional 40 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Down 4.6%

Shares of NYSE:VEEV opened at $172.08 on Tuesday. The firm has a market cap of $28.29 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.25 and a beta of 1.08. The stock’s 50-day moving average price is $210.04 and its two-hundred day moving average price is $252.94. Veeva Systems has a 12-month low of $168.13 and a 12-month high of $310.50.

Veeva Systems declared that its board has authorized a stock repurchase plan on Monday, January 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.