Veeva Systems (NYSE:VEEV) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Veeva Systems (NYSE:VEEV) from an underweight rating to an equal weight rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has $205.00 price objective on the technology company’s stock, down from their previous price objective of $222.00.

VEEV has been the subject of several other reports. Jefferies Financial Group reissued a “buy” rating and issued a $330.00 price target on shares of Veeva Systems in a report on Monday, November 24th. BTIG Research reiterated a “buy” rating and set a $340.00 target price on shares of Veeva Systems in a report on Friday, November 21st. Barclays lowered their price objective on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating for the company in a research note on Friday, November 21st. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Veeva Systems in a report on Tuesday, November 25th. Finally, Citigroup dropped their price target on Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a research note on Monday, November 24th. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $307.33.

Veeva Systems Stock Performance

VEEV opened at $182.41 on Tuesday. Veeva Systems has a 52-week low of $168.13 and a 52-week high of $310.50. The firm has a market cap of $29.98 billion, a P/E ratio of 35.49, a price-to-earnings-growth ratio of 1.25 and a beta of 1.08. The business’s fifty day moving average is $211.84 and its 200-day moving average is $254.82.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, November 20th. The technology company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.09. The business had revenue of $0.81 million for the quarter, compared to analyst estimates of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.Veeva Systems’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $1.75 earnings per share. On average, research analysts predict that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its board has authorized a stock repurchase plan on Monday, January 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Veeva Systems by 3.1% during the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock worth $4,596,522,000 after acquiring an additional 457,806 shares during the period. Alliancebernstein L.P. boosted its position in shares of Veeva Systems by 4.1% during the 3rd quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company’s stock worth $1,770,071,000 after purchasing an additional 235,983 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 0.6% during the 4th quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company’s stock worth $863,978,000 after purchasing an additional 23,416 shares during the period. State Street Corp increased its holdings in shares of Veeva Systems by 2.4% in the 4th quarter. State Street Corp now owns 3,589,425 shares of the technology company’s stock valued at $801,267,000 after purchasing an additional 85,695 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Veeva Systems by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock valued at $1,035,622,000 after purchasing an additional 159,984 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.