Veeva Systems (NYSE:VEEV) Price Target Raised to $217.00 at Truist Financial

Veeva Systems (NYSE:VEEV) had its price objective hoisted by equities research analysts at Truist Financial from $210.00 to $217.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective points to a potential downside of 8.48% from the company’s current price.

A number of other research firms also recently weighed in on VEEV. Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday. Robert W. Baird upped their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday. Morgan Stanley lifted their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday. Royal Bank of Canada increased their target price 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. Finally, Citigroup upped their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $255.08.

Veeva Systems Stock Performance

Veeva Systems stock traded up $17.16 during mid-day trading on Thursday, hitting $237.10. 1,061,157 shares of the company traded hands, compared to its average volume of 1,056,411. The stock has a fifty day moving average price of $223.82 and a 200-day moving average price of $219.54. The stock has a market cap of $38.49 billion, a price-to-earnings ratio of 58.31, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. Veeva Systems has a one year low of $170.25 and a one year high of $258.93.

Institutional Investors Weigh In On Veeva Systems

Hedge funds have recently bought and sold shares of the business. Cardinal Capital Management boosted its stake in Veeva Systems by 0.3% in the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after purchasing an additional 44 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after acquiring an additional 44 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC lifted its stake in shares of Veeva Systems by 0.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 51 shares during the period. Institutional investors own 88.20% of the company’s stock.

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.