Analysts Set Veeva Systems Inc. (NYSE:VEEV) PT at $254.48

Veeva Systems Inc. (NYSE:VEEV) has received a consensus rating of “Moderate Buy” from the twenty-five brokerages that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation and fifteen have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $255.28.

Several research firms have commented on VEEV. KeyCorp dropped their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and dropped their price objective for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Royal Bank of Canada increased their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group increased their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $247.10 on Tuesday. The company has a market capitalization of $40.12 billion, a P/E ratio of 61.01, a P/E/G ratio of 1.89 and a beta of 0.88. The company has a fifty day moving average of $224.92 and a 200 day moving average of $220.21. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Institutional Trading of Veeva Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cardinal Capital Management increased its position in shares of Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after acquiring an additional 44 shares during the period. Johnson Financial Group Inc. increased its position in shares of Veeva Systems by 22.7% during the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock worth $56,000 after acquiring an additional 44 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after acquiring an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in shares of Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC increased its position in shares of Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after acquiring an additional 51 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.