Needham & Company LLC Reiterates “Buy” Rating for Veeva Systems (NYSE:VEEV)

Veeva Systems (NYSE:VEEV)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $270.00 price target on the technology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 22.55% from the stock’s current price.

A number of other research analysts also recently weighed in on VEEV. Piper Sandler upped their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird increased their price target on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research report on Thursday. Royal Bank of Canada boosted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Mizuho assumed coverage on Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price on the stock. Finally, Truist Financial cut their price target on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $254.56.

Veeva Systems Stock Up 0.9 %

Shares of VEEV opened at $220.32 on Thursday. The stock’s 50-day moving average price is $223.82 and its 200-day moving average price is $219.54. The company has a market capitalization of $35.77 billion, a price-to-earnings ratio of 54.40, a PEG ratio of 1.89 and a beta of 0.85. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93.

Institutional Trading of Veeva Systems

Hedge funds have recently modified their holdings of the stock. General American Investors Co. Inc. acquired a new position in Veeva Systems during the 3rd quarter worth $5,133,000. Toronto Dominion Bank boosted its stake in shares of Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock valued at $4,235,000 after buying an additional 5,673 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after buying an additional 2,733 shares in the last quarter. Finally, Assetmark Inc. increased its stake in shares of Veeva Systems by 46.4% during the third quarter. Assetmark Inc. now owns 48,205 shares of the technology company’s stock worth $10,117,000 after buying an additional 15,289 shares during the period. 88.20% 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. 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.