Needham & Company LLC Reiterates “Buy” Rating for Veeva Systems (NYSE:VEEV)

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report released on Thursday,Benzinga reports. They presently have a $270.00 price target on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 22.55% from the company’s current price.

A number of other analysts have also issued reports on VEEV. Robert W. Baird boosted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday. Canaccord Genuity Group raised their price objective on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Royal Bank of Canada raised their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Stifel Nicolaus upped their price objective on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.56.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $220.32 on Thursday. The stock has a 50 day moving average price of $223.82 and a 200 day moving average price of $219.54. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $258.93. The firm has a market capitalization of $35.77 billion, a P/E ratio of 54.40, a P/E/G ratio of 1.89 and a beta of 0.85.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently made changes to their positions in the stock. General American Investors Co. Inc. acquired a new stake in Veeva Systems during the 3rd quarter worth about $5,133,000. Toronto Dominion Bank lifted its holdings in shares of Veeva Systems by 39.1% during the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after purchasing an additional 5,673 shares during the period. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Veeva Systems by 3.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after buying an additional 2,733 shares during the period. Finally, Assetmark Inc. increased its holdings in Veeva Systems by 46.4% in the 3rd quarter. Assetmark Inc. now owns 48,205 shares of the technology company’s stock worth $10,117,000 after buying an additional 15,289 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

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.