Veeva Systems (NYSE:VEEV) Raised to Buy at Wall Street Zen

Veeva Systems (NYSE:VEEV) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. decreased their price target on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Citigroup dropped their price target on Veeva Systems from $319.00 to $291.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Needham & Company LLC cut their price objective on shares of Veeva Systems from $355.00 to $270.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Truist Financial reaffirmed a “buy” rating and issued a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a research report on Thursday, March 5th. Finally, Morgan Stanley boosted their target price on shares of Veeva Systems from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Seventeen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $283.70.

Veeva Systems Trading Down 1.2%

Shares of VEEV stock opened at $178.68 on Friday. The business’s fifty day simple moving average is $199.82 and its 200-day simple moving average is $243.33. The company has a market cap of $29.37 billion, a PE ratio of 33.03, a PEG ratio of 1.19 and a beta of 1.09. Veeva Systems has a 12-month low of $168.13 and a 12-month high of $310.50.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 14.11% and a net margin of 28.44%.The firm had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same quarter last year, the firm earned $1.74 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. On average, equities analysts forecast that Veeva Systems will post 4.35 earnings per share for the current year.

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

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the sale, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds have recently modified their holdings of VEEV. Jensen Investment Management Inc. increased its holdings in Veeva Systems by 1,924.5% in the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after buying an additional 392,802 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 11.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after acquiring an additional 388,864 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Veeva Systems during the 3rd quarter valued at about $422,241,000. Compass Wealth Management LLC acquired a new stake in shares of Veeva Systems during the 3rd quarter valued at about $18,694,000. Finally, ABN AMRO Bank N.V. purchased a new position in shares of Veeva Systems in the 3rd quarter valued at about $246,625,000. Hedge funds and other institutional investors 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.