Veeva Systems (NYSE:VEEV) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a research note issued to investors on Friday.

A number of other analysts have also recently weighed in on VEEV. Robert W. Baird dropped their price target on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, October 28th. Raymond James increased their target price on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Barclays boosted their price target on shares of Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $250.00 price objective on shares of Veeva Systems in a research report on Thursday, August 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $232.87.

Veeva Systems Price Performance

Shares of VEEV stock traded up $3.95 on Friday, hitting $212.78. 576,614 shares of the stock traded hands, compared to its average volume of 705,087. The company’s fifty day moving average is $212.62 and its 200 day moving average is $199.04. Veeva Systems has a 1-year low of $162.72 and a 1-year high of $236.90. The company has a market capitalization of $34.46 billion, a PE ratio of 56.74, a PEG ratio of 2.03 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The company had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. As a group, equities research analysts expect that Veeva Systems will post 4.21 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of VEEV. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Veeva Systems during the third quarter worth approximately $26,000. Advisors Asset Management Inc. purchased a new stake in Veeva Systems in the 1st quarter worth approximately $28,000. Blue Trust Inc. boosted its stake in shares of Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after buying an additional 173 shares during the period. DT Investment Partners LLC purchased a new position in shares of Veeva Systems during the 2nd quarter valued at $35,000. Finally, Larson Financial Group LLC increased its stake in shares of Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock worth $38,000 after acquiring an additional 150 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.