Veeva Systems (NYSE:VEEV) Price Target Raised to $201.00 at Morgan Stanley

Veeva Systems (NYSE:VEEV) had its price objective increased by equities research analysts at Morgan Stanley from $195.00 to $201.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s price objective suggests a potential downside of 8.77% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research report on Thursday. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Royal Bank of Canada upped their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Scotiabank lifted their price objective on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $254.80.

Veeva Systems Price Performance

Veeva Systems stock opened at $220.32 on Thursday. The stock’s 50 day moving average price is $223.82 and its 200 day moving average price is $219.54. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a market cap of $35.77 billion, a PE ratio of 54.40, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently added to or reduced their stakes in VEEV. Siemens Fonds Invest GmbH boosted its stake in Veeva Systems by 1,538.3% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,195 shares of the technology company’s stock worth $11,605,000 after buying an additional 51,826 shares during the last quarter. Cim LLC lifted its holdings in shares of Veeva Systems by 1.8% during the 4th quarter. Cim LLC now owns 5,425 shares of the technology company’s stock worth $1,141,000 after acquiring an additional 98 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Veeva Systems in the fourth quarter worth approximately $43,051,000. Capital A Wealth Management LLC purchased a new stake in Veeva Systems in the fourth quarter valued at approximately $254,000. Finally, Heck Capital Advisors LLC acquired a new position in Veeva Systems during the fourth quarter worth approximately $309,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.