Veeva Systems (NYSE:VEEV) Price Target Lowered to $255.00 at KeyCorp

Veeva Systems (NYSE:VEEV) had its target price reduced by KeyCorp from $285.00 to $255.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts also recently weighed in on VEEV. Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Bank of America raised their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. BNP Paribas started coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. Needham & Company LLC boosted their target price on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Stephens initiated coverage on Veeva Systems in a report on Friday, December 20th. They set an “overweight” rating and a $280.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $257.63.

Veeva Systems Stock Up 2.7 %

Shares of NYSE VEEV opened at $217.54 on Wednesday. The stock’s fifty day simple moving average is $222.69 and its 200 day simple moving average is $208.17. The stock has a market capitalization of $35.32 billion, a price-to-earnings ratio of 53.71, a PEG ratio of 2.03 and a beta of 0.84. Veeva Systems has a 52-week low of $170.25 and a 52-week high of $258.93.

Insiders Place Their Bets

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

Institutional Trading of Veeva Systems

Institutional investors have recently bought and sold shares of the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems in the 3rd quarter worth approximately $26,000. True Wealth Design LLC raised its position in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after purchasing an additional 135 shares during the last quarter. Fairscale Capital LLC acquired a new position in Veeva Systems in the second quarter worth $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Veeva Systems during the third quarter worth $49,000. Finally, Quent Capital LLC increased its stake in shares of Veeva Systems by 794.1% in the third quarter. Quent Capital LLC now owns 304 shares of the technology company’s stock valued at $64,000 after buying an additional 270 shares in the last quarter. Institutional investors and hedge funds 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.