Guggenheim raises its price target on Veeva Systems (NYSE:VEEV) to $249.00

Veeva Systems (NYSE:VEEV – Get a Free Report) the price target was boosted by analysts at Guggenheim from $233.00 to $249.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Guggenheim’s price target suggests a potential upside of 20.11% from the company’s current price.

VEEV has been the subject of a number of other reports. Royal Bank of Canada restated an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research note on Thursday, August 29th. JPMorgan Chase & Co. upped their target price on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research note on Monday, September 9th. BTIG Research initiated coverage on Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target for the company. Robert W. Baird boosted their price target on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, TD Cowen boosted their price target on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $230.65.

Get the latest stock analysis on Veeva Systems

Veeva Systems stock fell 1.2%

Shares of VEEV traded up $2.56 during trading on Tuesday, reaching $207.31. The company’s stock had a trading volume of 253,341 shares, compared to its average volume of 965,806. The company has a fifty day moving average of $202.23 and a two hundred day moving average of $200.51. Veeva Systems has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a market cap of $33.57 billion, a price-to-earnings ratio of 61.21, a P/E/G ratio of 2.05 and a beta of 0.81.

Veeva Systems (NYSE:VEEV – Get Your Free Report ) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. As a group, equities analysts predict that Veeva Systems will post 4.21 EPS for the current fiscal year.

Insiders place their bets

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. Insiders own 10.50% of the company’s shares.

Institutional inputs and outputs

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems in the 1st quarter valued at about $28,000. Vermillion & White Wealth Management Group LLC acquired a new position in shares of Veeva Systems during the 4th quarter valued at approximately $32,000. Blue Trust Inc. boosted its holdings in shares of Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares in the last quarter. First Financial Corp IN acquired a new position in shares of Veeva Systems in the first quarter valued at approximately $35,000. Finally, DT Investment Partners LLC purchased a new position in shares of Veeva Systems in the 2nd quarter valued at about $35,000. 88.20% of shares are owned by institutional investors and hedge funds.

Veeva Systems Company Profile

(Get a free report)

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), which enables customer-facing employees in pharmaceutical and biotech companies; Veeva Vault PromoMats, an end-to-end digital asset management solution; Veeva Vault Medical which provides medical content source across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a reference data solution for customers; Veeva Link, a data application that allows the link to generate real-time information; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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