Goldman Sachs Group Boosts Veeva Systems (NYSE:VEEV) Price Target to $228.00

Veeva Systems (NYSE:VEEV) had its price target boosted by Goldman Sachs Group from $197.00 to $228.00 in a research note released on Monday, The Fly reports.

Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity raised their price objective on Veeva Systems from $165.00 to $195.00 and gave the stock a hold rating in a report on Friday, May 29th. SunTrust Banks raised their price objective on Veeva Systems from $167.00 to $222.00 in a report on Friday, May 29th. Bank of America restated a buy rating and set a $180.00 price objective (down previously from $192.00) on shares of Veeva Systems in a report on Wednesday, March 4th. Piper Sandler raised their price objective on Veeva Systems from $180.00 to $220.00 and gave the stock an overweight rating in a report on Friday, May 29th. Finally, William Blair restated a buy rating on shares of Veeva Systems in a report on Monday, June 1st. Eight investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $203.23.

Veeva Systems stock opened at $242.04 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.04 and a current ratio of 3.04. The stock has a fifty day moving average of $215.76 and a two-hundred day moving average of $169.78. The company has a market capitalization of $36.30 billion, a price-to-earnings ratio of 122.24, a PEG ratio of 7.63 and a beta of 0.95. Veeva Systems has a fifty-two week low of $118.11 and a fifty-two week high of $245.22.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 28th. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $337.11 million during the quarter, compared to the consensus estimate of $291.10 million. Veeva Systems had a return on equity of 16.28% and a net margin of 26.26%. Veeva Systems’s revenue was up 37.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. On average, analysts forecast that Veeva Systems will post 1.8 EPS for the current fiscal year.

In other Veeva Systems news, EVP Alan Mateo sold 2,665 shares of the firm’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $151.87, for a total value of $404,733.55. Following the transaction, the executive vice president now directly owns 15,685 shares of the company’s stock, valued at $2,382,080.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 435 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $165.90, for a total value of $72,166.50. Following the completion of the transaction, the senior vice president now directly owns 2,050 shares in the company, valued at $340,095. The disclosure for this sale can be found here. Insiders sold 81,707 shares of company stock worth $17,997,498 over the last three months. 14.38% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Veeva Systems by 0.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,972 shares of the technology company’s stock worth $1,090,000 after acquiring an additional 56 shares during the last quarter. GWM Advisors LLC increased its position in shares of Veeva Systems by 1.2% during the first quarter. GWM Advisors LLC now owns 5,014 shares of the technology company’s stock worth $784,000 after acquiring an additional 59 shares during the last quarter. OLD National Bancorp IN increased its position in shares of Veeva Systems by 4.1% during the first quarter. OLD National Bancorp IN now owns 1,711 shares of the technology company’s stock worth $268,000 after acquiring an additional 68 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Veeva Systems by 0.5% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 13,960 shares of the technology company’s stock worth $1,964,000 after acquiring an additional 73 shares during the last quarter. Finally, First Horizon Advisors Inc. increased its position in shares of Veeva Systems by 45.6% during the first quarter. First Horizon Advisors Inc. now owns 233 shares of the technology company’s stock worth $35,000 after acquiring an additional 73 shares during the last quarter. 80.46% 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, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; 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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