Veeva Systems (NYSE:VEEV) Given New $360.00 Price Target at Needham & Company LLC

Veeva Systems (NYSE:VEEV) had its price objective raised by Needham & Company LLC from $310.00 to $360.00 in a research note published on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on VEEV. UBS Group upped their price objective on shares of Veeva Systems from $190.00 to $290.00 and gave the stock a “neutral” rating in a report on Thursday, August 27th. Mizuho set a $345.00 target price on shares of Veeva Systems in a report on Thursday, October 29th. Oppenheimer reissued an “outperform” rating and issued a $325.00 price target (up from $300.00) on shares of Veeva Systems in a research report on Thursday, October 15th. Evercore upped their price target on Veeva Systems from $185.00 to $250.00 in a research note on Thursday, October 8th. Finally, Guggenheim raised their price objective on Veeva Systems from $276.00 to $310.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Nineteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $309.08.

Veeva Systems Trading Down 1.9%

Shares of VEEV stock traded down $5.87 during midday trading on Friday, reaching $304.23. 1,746,403 shares of the stock were exchanged, compared to its average volume of 1,508,434. Veeva Systems has a 1 year low of $148.05 and a 1 year high of $325.99. The company’s 50 day moving average is $289.24 and its two-hundred day moving average is $211.95. The firm has a market cap of $49.26 billion, a PE ratio of 50.04, a price-to-earnings-growth ratio of 1.31 and a beta of 0.89.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to analysts’ expectations of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, equities analysts expect that Veeva Systems will post 6.70 EPS for the current fiscal year.

Insider Activity

In related news, insider Thomas Schwenger sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $281.33, for a total value of $2,813,300.00. Following the completion of the transaction, the insider directly owned 19,449 shares in the company, valued at $5,471,587.17. The trade was a 33.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the transaction, the executive vice president directly owned 7,665 shares in the company, valued at $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 56,789 shares of company stock worth $14,913,889 over the last three months. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Compass Financial Management LLC purchased a new position in Veeva Systems in the 2nd quarter worth about $27,000. Burkett Financial Services LLC purchased a new position in shares of Veeva Systems during the third quarter valued at approximately $27,000. Farmers & Merchants Investments Inc. raised its holdings in shares of Veeva Systems by 181.8% during the third quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company’s stock valued at $27,000 after purchasing an additional 60 shares during the last quarter. Arlington Trust Co LLC bought a new position in Veeva Systems during the second quarter valued at approximately $29,000. Finally, Field & Main Bank bought a new position in Veeva Systems during the second quarter valued at approximately $29,000. 88.20% of the stock is owned by institutional investors.

Key Headlines Impacting Veeva Systems

Here are the key news stories impacting Veeva Systems this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $365 from $325 and reiterated an “outperform” rating, implying about 20% upside from the cited $304.23 share price. Royal Bank of Canada recommendations
• Positive Sentiment: Needham raised its target to $360 from $310 and maintained a “buy” rating, citing about 18% potential upside from $304.23. Needham recommendations
• Positive Sentiment: Stifel lifted its price target to $340 from $300, adding to the wave of upward target revisions. Stifel raises Veeva price target
• Positive Sentiment: UCB selected Veeva Vault CRM as a core platform for its commercial operations and plans to use industry-specific AI for product launches and customer engagement. The deal supports Veeva’s positioning as a specialized technology provider for life sciences companies. Veeva becomes core CRM choice for major biopharma AI rollout

Veeva Systems Company Profile

Veeva Systems Inc develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations.

The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.