Veeva Systems (NYSE:VEEV) Hits New 12-Month High on Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Barclays raised their price target on the stock from $315.00 to $360.00. Barclays currently has an overweight rating on the stock. Veeva Systems traded as high as $320.44 and last traded at $317.2840, with a volume of 161,583 shares changing hands. The stock had previously closed at $316.80.

VEEV has been the topic of several other research reports. Oppenheimer reaffirmed an “outperform” rating and set a $325.00 price target on shares of Veeva Systems in a report on Thursday, October 15th. Citigroup upped their price target on shares of Veeva Systems from $190.00 to $273.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. BMO Capital Markets increased their price objective on shares of Veeva Systems from $175.00 to $270.00 and gave the stock a “market perform” rating in a research note on Thursday, August 27th. Needham & Company LLC raised their price objective on shares of Veeva Systems from $270.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, Truist Financial raised their price objective on shares of Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $287.79.

Insider Activity at Veeva Systems

In other news, insider Thomas Schwenger sold 10,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the sale, the insider owned 19,449 shares in the company, valued at $5,471,587.17. This trade represents a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the business’s stock in a transaction on Friday, October 2nd. The stock was 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 in the company, valued at $2,119,449.15. This trade represents a 38.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Several hedge funds have recently bought and sold shares of the stock. Fundsmith LLP purchased a new stake in shares of Veeva Systems in the 2nd quarter worth $144,955,000. Arrowstreet Capital Limited Partnership grew its position in shares of Veeva Systems by 203.0% during the 1st 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 in the last quarter. Swedbank AB increased its stake in shares of Veeva Systems by 43.5% during the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after buying an additional 498,971 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Veeva Systems by 43.6% during the first quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company’s stock valued at $279,970,000 after buying an additional 483,720 shares during the period. Finally, Pacer Advisors Inc. increased its stake in shares of Veeva Systems by 757.5% during 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 during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

The firm has a fifty day moving average of $271.47 and a two-hundred day moving average of $209.17. The stock has a market capitalization of $51.58 billion, a P/E ratio of 52.38, a P/E/G ratio of 1.32 and a beta of 0.93.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.99 earnings per share. 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. As a group, sell-side analysts forecast that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

Veeva Systems Company Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.

The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.