Veeva Systems’ (VEEV) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Veeva Systems (NYSE:VEEV) in a research note published on Friday,Benzinga reports. They currently have a $270.00 price target on the technology company’s stock.

Several other equities research analysts have also recently issued reports on VEEV. Piper Sandler boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Bank of America upped their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Evercore ISI upped their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Barclays upped their price target on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, BNP Paribas assumed coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.74.

Veeva Systems Price Performance

Veeva Systems stock opened at $216.67 on Friday. The stock has a market cap of $35.18 billion, a price-to-earnings ratio of 53.50, a price-to-earnings-growth ratio of 1.91 and a beta of 0.84. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a 50-day moving average of $222.68 and a two-hundred day moving average of $209.23.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Institutional Trading of Veeva Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its position in Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after buying an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after buying an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Veeva Systems by 0.4% during the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its holdings in Veeva Systems by 2.9% during the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock valued at $395,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

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.