Royal Bank Of Canada Issues Positive Forecast for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective upped by Royal Bank Of Canada from $325.00 to $365.00 in a report released on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the technology company’s stock.

A number of other brokerages have also recently commented on VEEV. TD Cowen increased their price target on Veeva Systems from $235.00 to $283.00 and gave the company a “buy” rating in a research note on Monday, August 24th. Oppenheimer reissued an “outperform” rating and set a $325.00 price objective (up from $300.00) on shares of Veeva Systems in a report on Thursday, October 15th. Needham & Company LLC boosted their price objective on Veeva Systems from $310.00 to $360.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group upped their target price on Veeva Systems from $290.00 to $325.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Canaccord Genuity Group increased their target price on Veeva Systems from $220.00 to $260.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. Nineteen equities research 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $309.08.

Veeva Systems Trading Down 1.9%

Veeva Systems stock traded down $5.87 during midday trading on Friday, reaching $304.23. The company’s stock had a trading volume of 1,746,403 shares, compared to its average volume of 1,508,434. The stock has a market cap of $49.26 billion, a PE ratio of 50.04, a price-to-earnings-growth ratio of 1.31 and a beta of 0.89. Veeva Systems has a 52 week low of $148.05 and a 52 week high of $325.99. The business has a 50-day moving average price of $289.24 and a 200-day moving average price of $211.95.

Veeva Systems (NYSE:VEEV) last announced 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 company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm’s revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.99 EPS. 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. As a group, research analysts predict that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Thomas Schwenger sold 36,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $250.23, for a total value of $9,008,280.00. Following the transaction, the insider directly owned 19,449 shares of the company’s stock, valued at $4,866,723.27. The trade was a 64.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jonathan Faddis sold 5,198 shares of the company’s stock in a transaction that occurred on Wednesday, October 14th. The shares were 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 in the company, valued at $1,237,843.60. The trade was a 55.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,789 shares of company stock valued at $14,913,889 over the last three months. 10.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently modified their holdings of VEEV. Farmers & Merchants Investments Inc. lifted its holdings in Veeva Systems by 181.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company’s stock valued at $27,000 after buying an additional 60 shares during the period. Burkett Financial Services LLC acquired a new stake in Veeva Systems during the 3rd quarter worth about $27,000. Pension & Wealth Management Advisors Inc. acquired a new stake in Veeva Systems during the 3rd quarter worth about $38,000. Lodestone Wealth Management LLC boosted its holdings in shares of Veeva Systems by 68.3% during the 3rd quarter. Lodestone Wealth Management LLC now owns 138 shares of the technology company’s stock worth $39,000 after buying an additional 56 shares in the last quarter. Finally, Compass Financial Management LLC bought a new position in shares of Veeva Systems during the 2nd quarter worth approximately $27,000. 88.20% of the stock is owned by institutional investors.

Key Veeva Systems News

Here are the key news stories impacting Veeva Systems this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $365 from $325 and reiterated an “outperform” rating, implying about 20% upside from the cited $304.23 share price. Royal Bank of Canada recommendations
• Positive Sentiment: Needham raised its target to $360 from $310 and maintained a “buy” rating, citing about 18% potential upside from $304.23. Needham recommendations
• Positive Sentiment: Stifel lifted its price target to $340 from $300, adding to the wave of upward target revisions. Stifel raises Veeva price target
• Positive Sentiment: UCB selected Veeva Vault CRM as a core platform for its commercial operations and plans to use industry-specific AI for product launches and customer engagement. The deal supports Veeva’s positioning as a specialized technology provider for life sciences companies. Veeva becomes core CRM choice for major biopharma AI rollout

Veeva Systems Company Profile

Veeva Systems Inc develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations.

The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.