Veeva Systems (NYSE:VEEV) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Veeva Systems (NYSE:VEEV) in a research report released on Wednesday morning, Benzinga reports. They currently have a $250.00 target price on the technology company’s stock.

A number of other brokerages also recently weighed in on VEEV. Stifel Nicolaus upped their target price on Veeva Systems from $205.00 to $250.00 and gave the company a buy rating in a report on Friday, March 1st. Raymond James reiterated an outperform rating and issued a $260.00 target price on shares of Veeva Systems in a report on Tuesday. UBS Group upped their target price on Veeva Systems from $185.00 to $235.00 and gave the company a neutral rating in a report on Monday, February 26th. Needham & Company LLC increased their price objective on Veeva Systems from $220.00 to $260.00 and gave the stock a buy rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. increased their price objective on Veeva Systems from $183.00 to $222.00 and gave the stock a neutral rating in a report on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $234.90.

Veeva Systems Trading Down 0.7 %

NYSE VEEV opened at $231.69 on Wednesday. The stock’s 50-day moving average price is $220.63 and its two-hundred day moving average price is $202.37. The company has a market cap of $37.31 billion, a PE ratio of 71.95, a PEG ratio of 2.36 and a beta of 0.74. Veeva Systems has a 1 year low of $160.21 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The company had revenue of $630.62 million for the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. Research analysts forecast that Veeva Systems will post 4.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, Director Matthew J. Wallach sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $186.05, for a total transaction of $930,250.00. Following the completion of the sale, the director now owns 109,025 shares of the company’s stock, valued at $20,284,101.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the sale, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction on Friday, January 5th. The stock was sold at an average price of $186.05, for a total transaction of $930,250.00. Following the sale, the director now owns 109,025 shares in the company, valued at approximately $20,284,101.25. The disclosure for this sale can be found here. Insiders sold 29,498 shares of company stock valued at $6,219,253 over the last 90 days. 10.98% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of the business. HighPoint Advisor Group LLC acquired a new stake in Veeva Systems during the fourth quarter worth $380,000. Fairman Group LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at $2,604,000. Rovin Capital UT ADV lifted its holdings in shares of Veeva Systems by 11.4% during the fourth quarter. Rovin Capital UT ADV now owns 2,585 shares of the technology company’s stock valued at $498,000 after acquiring an additional 265 shares during the period. SageView Advisory Group LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at $320,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at $170,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.