Truist Financial Cuts Veeva Systems (NYSE:VEEV) Price Target to $210.00

Veeva Systems (NYSE:VEEV) had its target price cut by Truist Financial from $261.00 to $210.00 in a research report released on Monday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Other equities analysts have also issued reports about the company. Canaccord Genuity Group upped their target price on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Mizuho began coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target on the stock. Bank of America increased their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Scotiabank increased their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $255.74.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $212.03 on Monday. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The business has a 50-day moving average of $222.94 and a 200-day moving average of $209.17. The company has a market capitalization of $34.42 billion, a PE ratio of 52.35, a P/E/G ratio of 2.03 and a beta of 0.84.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was 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 of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

About Veeva Systems

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.