Veeva Systems (NYSE:VEEV) Rating Lowered to Hold at StockNews.com

Veeva Systems (NYSE:VEEV) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

VEEV has been the topic of a number of other reports. Royal Bank of Canada upped their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler raised their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Barclays raised their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Morgan Stanley lifted their price objective on Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a report on Tuesday, December 17th. Finally, Stephens began coverage on shares of Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

Shares of VEEV traded down $5.84 on Thursday, hitting $223.23. 2,139,488 shares of the stock traded hands, compared to its average volume of 1,130,906. Veeva Systems has a one year low of $170.25 and a one year high of $258.93. The company has a market capitalization of $36.24 billion, a PE ratio of 55.12, a P/E/G ratio of 1.96 and a beta of 0.84. The business has a 50 day simple moving average of $221.55 and a 200 day simple moving average of $210.52.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of large investors have recently made changes to their positions in VEEV. General American Investors Co. Inc. purchased a new position in Veeva Systems in the 3rd quarter worth about $5,133,000. Toronto Dominion Bank grew its stake in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after acquiring an additional 5,673 shares in the last quarter. Procyon Advisors LLC purchased a new position in shares of Veeva Systems during the third quarter worth approximately $712,000. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after purchasing an additional 2,733 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.