Veeva Systems (NYSE:VEEV) Price Target Increased to $185.00 by Analysts at Stephens

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Veeva Systems (NYSE:VEEV) had its price objective increased by stock analysts at Stephens from $155.00 to $185.00 in a research note issued to investors on Wednesday, The Fly reports. The firm currently has an “overweight” rating on the technology company’s stock. Stephens’ price objective would suggest a potential upside of 17.34% from the stock’s current price.

Several other research analysts have also recently weighed in on VEEV. Guggenheim raised their target price on Veeva Systems from $154.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday. Deutsche Bank raised their target price on Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. Canaccord Genuity raised their target price on Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a research note on Wednesday. Goldman Sachs Group began coverage on Veeva Systems in a report on Friday, June 7th. They set a “neutral” rating and a $151.00 target price for the company. Finally, Morgan Stanley downgraded Veeva Systems from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $126.00 to $144.00 in a report on Friday, May 24th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Veeva Systems presently has an average rating of “Buy” and a consensus target price of $167.06.

Shares of NYSE:VEEV traded down $5.75 during trading on Wednesday, reaching $157.67. 1,156,192 shares of the stock were exchanged, compared to its average volume of 1,178,980. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.73 and a current ratio of 3.73. Veeva Systems has a 12-month low of $79.26 and a 12-month high of $176.90. The firm has a market cap of $23.29 billion, a price-to-earnings ratio of 127.15, a price-to-earnings-growth ratio of 7.98 and a beta of 1.39. The firm’s 50-day moving average price is $165.15 and its 200 day moving average price is $144.89.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.38 by $0.03. Veeva Systems had a return on equity of 17.61% and a net margin of 28.41%. The firm had revenue of $266.90 million for the quarter, compared to analyst estimates of $259.35 million. During the same period in the previous year, the company posted $0.39 EPS. Veeva Systems’s revenue for the quarter was up 27.3% on a year-over-year basis. As a group, equities research analysts forecast that Veeva Systems will post 1.6 EPS for the current year.

In related news, CMO Eleni Nitsa Zuppas sold 235 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $163.47, for a total value of $38,415.45. Following the completion of the sale, the chief marketing officer now directly owns 12,733 shares of the company’s stock, valued at approximately $2,081,463.51. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Alan Mateo sold 4,539 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $154.35, for a total value of $700,594.65. Following the completion of the sale, the executive vice president now directly owns 22,174 shares of the company’s stock, valued at $3,422,556.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,839 shares of company stock valued at $12,607,413. Company insiders own 14.38% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Lyell Wealth Management LP grew its holdings in Veeva Systems by 4.1% in the 1st quarter. Lyell Wealth Management LP now owns 44,550 shares of the technology company’s stock valued at $5,652,000 after buying an additional 1,753 shares during the last quarter. First Command Financial Services Inc. bought a new position in shares of Veeva Systems during the 2nd quarter worth approximately $32,000. State Board of Administration of Florida Retirement System lifted its position in shares of Veeva Systems by 4.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 167,914 shares of the technology company’s stock worth $21,302,000 after buying an additional 6,509 shares during the period. Victory Capital Management Inc. lifted its position in shares of Veeva Systems by 82.1% during the 1st quarter. Victory Capital Management Inc. now owns 605,422 shares of the technology company’s stock worth $76,804,000 after buying an additional 272,909 shares during the period. Finally, Davy Asset Management Ltd bought a new position in shares of Veeva Systems during the 2nd quarter worth approximately $263,000. 75.99% of the stock is currently owned by institutional investors.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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