Needham & Company LLC Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective raised by investment analysts at Needham & Company LLC from $310.00 to $360.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Needham & Company LLC‘s target price points to a potential upside of 16.45% from the company’s previous close.

VEEV has been the subject of a number of other reports. Citigroup increased their price objective on Veeva Systems from $190.00 to $273.00 and gave the company a “neutral” rating in a report on Friday, August 28th. Guggenheim lifted their target price on Veeva Systems from $276.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $272.00 to $299.00 in a report on Thursday, August 27th. Royal Bank Of Canada upped their price target on Veeva Systems from $275.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Finally, Weiss Ratings upgraded Veeva Systems from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. Nineteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $302.62.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $309.14 on Friday. Veeva Systems has a 52-week low of $148.05 and a 52-week high of $325.99. The firm has a 50 day moving average price of $288.82 and a two-hundred day moving average price of $211.51. The stock has a market cap of $50.05 billion, a P/E ratio of 50.85, a price-to-earnings-growth ratio of 1.33 and a beta of 0.89.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter last 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. Analysts predict that Veeva Systems will post 6.70 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Daniel J. Rizzo sold 4,841 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 7,665 shares of the company’s stock, valued at $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jonathan Faddis sold 5,198 shares of Veeva Systems stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the completion of the sale, the senior vice president owned 4,130 shares of the company’s stock, valued at approximately $1,237,843.60. The trade was a 55.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,789 shares of company stock valued at $14,913,889 over the last 90 days. 10.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Fundsmith LLP acquired a new position in shares of Veeva Systems during the 2nd quarter valued at $144,955,000. Arrowstreet Capital Limited Partnership boosted its stake in Veeva Systems by 203.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after acquiring an additional 611,868 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Veeva Systems by 757.5% during the first quarter. Pacer Advisors Inc. now owns 485,046 shares of the technology company’s stock worth $85,203,000 after acquiring an additional 428,478 shares in the last quarter. Ashe Capital Management LP acquired a new stake in Veeva Systems in the second quarter worth $75,232,550. Finally, Principal Financial Group Inc. grew its holdings in Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock worth $727,513,000 after purchasing an additional 271,252 shares during the period. 88.20% of the stock is currently owned by institutional investors.

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.