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

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

Other research analysts also recently issued reports about the stock. Morgan Stanley raised their price objective on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a report on Tuesday, December 17th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and cut their price target for the stock from $261.00 to $200.00 in a report on Thursday. Piper Sandler boosted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp cut their target price on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Stifel Nicolaus upped their price target on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Stock Down 2.5 %

NYSE VEEV opened at $223.23 on Thursday. The company has a market cap of $36.24 billion, a PE ratio of 55.12, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The firm’s 50-day simple moving average is $221.55 and its two-hundred day simple moving average is $210.52.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the 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 sale, 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 position. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors have recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of 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 acquiring an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Veeva Systems during the 3rd quarter valued at about $26,000. True Wealth Design LLC raised its position in Veeva Systems by 3,375.0% during 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. Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems in the 4th quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $49,000. Hedge funds and other institutional investors 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.