Veeva Systems (NYSE:VEEV) Shares Gap Down – Here’s What Happened

Veeva Systems Inc. (NYSE:VEEV)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $229.07, but opened at $213.85. Veeva Systems shares last traded at $217.97, with a volume of 385,681 shares traded.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Truist Financial lowered their price objective on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Robert W. Baird lifted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, Barclays upped their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems Stock Performance

The business has a 50 day simple moving average of $221.63 and a 200-day simple moving average of $210.89. The stock has a market capitalization of $36.26 billion, a P/E ratio of 55.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction on 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 directly owns 8,061 shares in the company, valued at $1,856,448.30. This 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.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB raised its position in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after buying an additional 50 shares during the period. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems in the 3rd quarter valued at about $26,000. True Wealth Design LLC lifted its position in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Veeva Systems during the third quarter valued at approximately $49,000. Hedge funds and other 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.