Price Action Don’t Lie: What’s Propelling Veeva Systems Inc to Reach 52-Week High?

Price Action Don't Lie: What's Propelling Veeva Systems Inc to Reach 52 Week High?

The stock of Veeva Systems Inc (NYSE:VEEV) hit a new 52-week high and has $50.19 target or 8.00% above today’s $46.47 share price. The 9 months bullish chart indicates low risk for the $6.31B company. The 1-year high was reported on Nov, 28 by If the $50.19 price target is reached, the company will be worth $504.80 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 1.89 million shares traded hands or 60.17% up from the average. Veeva Systems Inc (NYSE:VEEV) has risen 71.18% since April 25, 2016 and is uptrending. It has outperformed by 65.17% the S&P500.

Veeva Systems Inc (NYSE:VEEV) Ratings Coverage

Out of 13 analysts covering Veeva Systems (NYSE:VEEV), 6 rate it a “Buy”, 0 “Sell”, while 7 “Hold”. This means 46% are positive. Veeva Systems has been the topic of 26 analyst reports since August 28, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Citigroup given on Friday, October 30. As per Wednesday, August 31, the company rating was maintained by Needham. Citigroup maintained the shares of VEEV in a report on Tuesday, August 23 with “Neutral” rating. Goldman Sachs initiated the shares of VEEV in a report on Tuesday, October 4 with “Neutral” rating. Leerink Swann maintained the stock with “Market Perform” rating in Wednesday, November 25 report. On Friday, May 27 the stock rating was maintained by Citigroup with “Neutral”. On Monday, January 4 the stock rating was initiated by Needham with “Buy”. On Friday, May 27 the stock rating was maintained by JP Morgan with “Overweight”. Canaccord Genuity maintained Veeva Systems Inc (NYSE:VEEV) on Wednesday, November 23 with “Buy” rating. Deutsche Bank maintained it with “Hold” rating and $31 target price in Friday, May 27 report.

According to Zacks Investment Research, “Veeva Systems Inc. operates as a provider of industry-specific, cloud-based software solutions for the life sciences industry. It offers enterprise applications, a multichannel platform, customer relationship management, and content management solutions. The Company provides its solutions to pharmaceutical, animal health, and biotechnology companies. Veeva Systems Inc. is headquartered in Pleasanton, California.”

Insitutional Activity: The institutional sentiment decreased to 1.74 in 2016 Q2. Its down 0.05, from 1.79 in 2016Q1. The ratio is negative, as 18 funds sold all Veeva Systems Inc shares owned while 50 reduced positions. 48 funds bought stakes while 74 increased positions. They now own 92.06 million shares or 3.74% more from 88.74 million shares in 2016Q1.
Jacobs Levy Equity Mgmt, a New Jersey-based fund reported 166,141 shares. Utah Retirement holds 17,400 shares or 0.02% of its portfolio. Gilder Gagnon Howe And Company Ltd Liability Corporation has 0.1% invested in the company for 153,852 shares. The Pennsylvania-based Nationwide Fund Advsrs has invested 0.07% in Veeva Systems Inc (NYSE:VEEV). Moreover, Susquehanna Intl Group Inc Llp has 0% invested in Veeva Systems Inc (NYSE:VEEV) for 7,784 shares. Allianz Asset Ag reported 83,190 shares or 0% of all its holdings. Swiss Bank & Trust last reported 121,557 shares in the company. Northern Tru holds 713,182 shares or 0.01% of its portfolio. Dimensional Fund Ltd Partnership accumulated 0.01% or 354,920 shares. Jpmorgan Chase And holds 0.04% of its portfolio in Veeva Systems Inc (NYSE:VEEV) for 4.84M shares. Bluecrest Capital, a Guernsey-based fund reported 35,706 shares. Jefferies Gru Lc holds 0% of its portfolio in Veeva Systems Inc (NYSE:VEEV) for 13,184 shares. Paloma has 0.02% invested in the company for 46,539 shares. M&T Commercial Bank Corp has 0% invested in the company for 7,253 shares. Fourpoints Invest Managers Sas accumulated 17,499 shares or 0.42% of the stock.

Insider Transactions: Since June 1, 2016, the stock had 0 buys, and 34 insider sales for $35.05 million net activity. Wallach Matthew J sold $2.92M worth of stock or 84,000 shares. Shares for $637,085 were sold by Zuppas Eleni Nitsa. $1.46 million worth of Veeva Systems Inc (NYSE:VEEV) was sold by Cabral Timothy S. On Wednesday, October 5 CODD RONALD E F sold $80,620 worth of the stock or 2,000 shares. 376 Veeva Systems Inc (NYSE:VEEV) shares with value of $15,228 were sold by Faddis Jonathan. Shares for $25,104 were sold by Mateo Alan. Shares for $57,066 were sold by Lequient Frederic.

More recent Veeva Systems Inc (NYSE:VEEV) news were published by: which released: “The Moat at Veeva Systems Inc. Continues to Widen” on November 23, 2016. Also published the news titled: “Earnings Reaction History: Veeva Systems Inc., 60.0% Follow-Through Indicator …” on November 22, 2016.‘s news article titled: “Can Veeva Systems (VEEV) Pull a Surprise in Q3 Earnings?” with publication date: November 17, 2016 was also an interesting one.

VEEV Company Profile

Veeva Systems Inc. (Veeva), incorporated on January 12, 2007, is a well-known provider of cloud software solutions for the global life sciences industry. The Firm offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data. The Firm offers solutions to areas, including the Veeva CRM family of applications for multichannel customer relationship management to enable coordinated and personalized customer engagement through multiple touch points; Veeva Vault for regulated content management and information management solutions to enable the management of content-centric processes; the Veeva Network master data management solutions for the management of customer master and product master data, and Veeva’s data and data services offerings, including Veeva OpenData for customer reference data and Veeva KOL Data for data.

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