Veeva Systems (NYSE:VEEV) PT Raised to $332.00 at Morgan Stanley

Veeva Systems (NYSE:VEEV) had its target price increased by research analysts at Morgan Stanley from $323.00 to $332.00 in a research note issued to investors on Wednesday, Analyst Ratings Network reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s price objective suggests a potential upside of 21.21% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Barclays raised their price target on Veeva Systems from $200.00 to $261.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 26th. They noted that the move was a valuation call. FBN Securities raised their price target on Veeva Systems from $300.00 to $310.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Guggenheim raised their price target on Veeva Systems from $225.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. SVB Leerink raised their price target on Veeva Systems from $167.00 to $282.00 and gave the company a “market perform” rating in a research report on Friday, August 28th. Finally, Piper Sandler raised their price target on Veeva Systems from $220.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, August 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Veeva Systems presently has a consensus rating of “Buy” and an average price target of $281.25.

Shares of VEEV stock opened at $273.90 on Wednesday. Veeva Systems has a 52-week low of $118.11 and a 52-week high of $313.99. The company has a market capitalization of $41.31 billion, a PE ratio of 132.96, a price-to-earnings-growth ratio of 10.89 and a beta of 0.91. The business’s fifty day moving average is $282.26 and its 200 day moving average is $258.88.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Monday, November 30th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.10. Veeva Systems had a return on equity of 15.77% and a net margin of 25.60%. The company had revenue of $377.52 million for the quarter, compared to the consensus estimate of $361.86 million. During the same quarter last year, the business posted $0.60 earnings per share. The firm’s revenue was up 34.4% compared to the same quarter last year. Sell-side analysts predict that Veeva Systems will post 1.82 earnings per share for the current fiscal year.

In other Veeva Systems news, EVP Alan Mateo sold 2,666 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $259.35, for a total transaction of $691,427.10. Following the sale, the executive vice president now directly owns 11,638 shares of the company’s stock, valued at approximately $3,018,315.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 5,000 shares of Veeva Systems stock in a transaction that occurred on Wednesday, November 18th. The shares were sold at an average price of $265.45, for a total value of $1,327,250.00. Following the sale, the senior vice president now directly owns 6,151 shares in the company, valued at $1,632,782.95. The disclosure for this sale can be found here. Insiders sold 23,910 shares of company stock worth $6,628,634 over the last three months. 14.38% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of the business. Morgan Stanley lifted its holdings in shares of Veeva Systems by 38.7% during the first quarter. Morgan Stanley now owns 14,023,808 shares of the technology company’s stock valued at $2,192,902,000 after purchasing an additional 3,914,812 shares during the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Veeva Systems during the second quarter valued at approximately $761,000. Signaturefd LLC lifted its holdings in shares of Veeva Systems by 28.5% during the second quarter. Signaturefd LLC now owns 988 shares of the technology company’s stock valued at $232,000 after purchasing an additional 219 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Veeva Systems during the second quarter valued at approximately $255,000. Finally, Mackay Shields LLC purchased a new position in shares of Veeva Systems during the second quarter valued at approximately $4,864,000. 79.56% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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