Veeva Systems (NYSE:VEEV) Stock Price Up 4.4% Following Analyst Upgrade

Veeva Systems Inc. (NYSE:VEEV) shares shot up 4.4% on Monday after Citigroup raised their price target on the stock from $190.00 to $273.00. Citigroup currently has a neutral rating on the stock. Veeva Systems traded as high as $289.00 and last traded at $288.76. Approximately 991,508 shares were traded during trading, a decline of 60% from the average session volume of 2,476,969 shares. The stock had previously closed at $276.69.

A number of other brokerages also recently issued reports on VEEV. Piper Sandler upped their price objective on shares of Veeva Systems from $295.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday. Jefferies Financial Group reaffirmed a “buy” rating and set a $295.00 price target on shares of Veeva Systems in a research report on Thursday. BTIG Research reiterated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. The Goldman Sachs Group reduced their price objective on Veeva Systems from $190.00 to $165.00 and set a “sell” rating for the company in a research note on Thursday, June 4th. Finally, BNP Paribas Exane reaffirmed an “outperform” rating and set a $285.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Nineteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $284.46.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 36,000 shares of Veeva Systems stock in a transaction dated 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 completion of the sale, the insider owned 19,449 shares of the company’s stock, valued at approximately $4,866,723.27. This trade represents a 64.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company’s stock.

Institutional Trading of Veeva Systems

Institutional investors have recently modified their holdings of the business. Giverny Capital Inc. bought a new position in Veeva Systems in the 2nd quarter worth approximately $16,852,000. CYBER HORNET ETFs LLC bought a new stake in Veeva Systems during the 2nd quarter valued at $72,000. California State Teachers Retirement System raised its holdings in Veeva Systems by 16,590.3% during the 2nd quarter. California State Teachers Retirement System now owns 39,388,224 shares of the technology company’s stock valued at $6,990,228,000 after acquiring an additional 39,152,230 shares during the period. Washington Trust Advisors Inc. lifted its position in shares of Veeva Systems by 7.5% during the second quarter. Washington Trust Advisors Inc. now owns 49,843 shares of the technology company’s stock worth $8,846,000 after acquiring an additional 3,475 shares in the last quarter. Finally, Wedmont Private Capital lifted its position in shares of Veeva Systems by 14.1% during the second quarter. Wedmont Private Capital now owns 1,938 shares of the technology company’s stock worth $368,000 after acquiring an additional 239 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

The stock has a fifty day moving average price of $208.48 and a 200 day moving average price of $184.39. The stock has a market capitalization of $46.91 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.19 and a beta of 0.92.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%.The company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period in the previous year, the company posted $1.99 EPS. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. 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. Research analysts anticipate that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

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.