Veeva Systems (NYSE:VEEV) Given New $270.00 Price Target at Canaccord Genuity Group

Veeva Systems (NYSE:VEEV) had its price target hoisted by equities researchers at Canaccord Genuity Group from $210.00 to $270.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 16.55% from the company’s previous close.

A number of other brokerages have also commented on VEEV. UBS Group upped their target price on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. TD Cowen increased their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Bank of America lifted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Citigroup increased their price target on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Finally, Raymond James lifted their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $243.16.

Veeva Systems Stock Down 2.6 %

Shares of VEEV opened at $231.66 on Friday. The stock’s 50-day moving average price is $217.50 and its 200 day moving average price is $202.61. The firm has a market capitalization of $37.51 billion, a price-to-earnings ratio of 61.78, a P/E/G ratio of 2.20 and a beta of 0.82. Veeva Systems has a 12-month low of $165.12 and a 12-month high of $240.68.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of institutional investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new position in shares of Veeva Systems in the 3rd quarter valued at $11,770,000. Peapack Gladstone Financial Corp increased its holdings in Veeva Systems by 5.6% in the third quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company’s stock valued at $14,721,000 after purchasing an additional 3,741 shares during the last quarter. Tidal Investments LLC lifted its stake in Veeva Systems by 77.1% in the third quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock valued at $4,686,000 after buying an additional 9,724 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Veeva Systems during the third quarter worth about $168,000. Finally, World Investment Advisors LLC bought a new position in Veeva Systems during the third quarter worth about $2,131,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

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.