Veeva Systems (NYSE:VEEV) Stock Price Expected to Rise, Truist Financial Analyst Says

Veeva Systems (NYSE:VEEV) had its price objective boosted by equities research analysts at Truist Financial from $305.00 to $360.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Truist Financial‘s price target would suggest a potential upside of 17.66% from the stock’s current price.

A number of other brokerages also recently weighed in on VEEV. Morgan Stanley boosted their price target on Veeva Systems from $215.00 to $275.00 and gave the company an “equal weight” rating in a report on Thursday, August 27th. Canaccord Genuity Group raised their price objective on Veeva Systems from $220.00 to $260.00 and gave the stock a “hold” rating in a research note on Thursday, August 27th. BMO Capital Markets lifted their price objective on shares of Veeva Systems from $175.00 to $270.00 and gave the stock a “market perform” rating in a report on Thursday, August 27th. Robert W. Baird boosted their target price on shares of Veeva Systems from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Monday, October 26th. Finally, Piper Sandler boosted their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $312.21.

Veeva Systems Stock Performance

NYSE:VEEV opened at $305.97 on Monday. The company has a market capitalization of $49.54 billion, a price-to-earnings ratio of 50.38, a price-to-earnings-growth ratio of 1.30 and a beta of 0.89. Veeva Systems has a one year low of $148.05 and a one year high of $325.99. The stock has a 50-day simple moving average of $289.24 and a 200 day simple moving average of $211.95.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The firm had revenue of $927.96 million for the quarter, compared to analysts’ expectations of $905.38 million. During the same quarter in the prior year, the firm posted $1.99 earnings per share. Veeva Systems’s revenue for the quarter was up 17.6% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, equities research analysts forecast that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Buying and Selling

In other Veeva Systems news, EVP Daniel Rizzo sold 4,841 shares of the business’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the completion of the transaction, the executive vice president directly owned 7,665 shares of the company’s stock, valued at $2,119,449.15. The trade was a 38.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jonathan Faddis sold 5,198 shares of the business’s stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the transaction, the senior vice president owned 4,130 shares of the company’s stock, valued at approximately $1,237,843.60. This represents a 55.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 56,789 shares of company stock valued at $14,913,889. 10.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Aberdeen Group plc lifted its stake in Veeva Systems by 1,513.8% during the third quarter. Aberdeen Group plc now owns 2,029,943 shares of the technology company’s stock valued at $579,447,000 after purchasing an additional 1,904,153 shares during the last quarter. Fundsmith LLP acquired a new position in Veeva Systems in the second quarter worth approximately $144,955,000. Arrowstreet Capital Limited Partnership grew its position in Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after buying an additional 611,868 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Veeva Systems by 757.5% in the first quarter. Pacer Advisors Inc. now owns 485,046 shares of the technology company’s stock valued at $85,203,000 after buying an additional 428,478 shares in the last quarter. Finally, Ashe Capital Management LP bought a new position in shares of Veeva Systems in the second quarter valued at $75,232,550. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Company Profile

Veeva Systems Inc develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations.

The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.