Morgan Stanley Forecasts Strong Price Appreciation for Veeva Systems (NYSE:VEEV) Stock

Veeva Systems (NYSE:VEEV) had its target price lifted by equities researchers at Morgan Stanley from $183.00 to $195.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential downside of 12.60% from the stock’s previous close.

A number of other equities analysts also recently commented on VEEV. Bank of America boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. UBS Group boosted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. TD Cowen boosted their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $256.58.

Veeva Systems Trading Down 0.7 %

Shares of Veeva Systems stock traded down $1.57 on Tuesday, hitting $223.12. 355,062 shares of the company traded hands, compared to its average volume of 985,266. The stock’s 50 day moving average price is $221.81 and its 200-day moving average price is $204.25. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a market cap of $36.22 billion, a PE ratio of 55.09, a PEG ratio of 2.03 and a beta of 0.82.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VEEV. Massachusetts Financial Services Co. MA lifted its stake in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. lifted its stake in 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 worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. FMR LLC raised its position in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after buying an additional 610,021 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Veeva Systems by 761.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after buying an additional 263,214 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Veeva Systems during the 3rd quarter valued at approximately $50,584,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.