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

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

VEEV has been the topic of a number of other research reports. Mizuho started coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. Scotiabank raised their price objective on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research note on Friday, December 6th. KeyCorp cut their target price on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Piper Sandler raised their price target on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Evercore ISI boosted their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” 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 given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

Shares of VEEV opened at $239.09 on Thursday. The firm has a market cap of $38.82 billion, a PE ratio of 59.04, a PEG ratio of 2.05 and a beta of 0.85. The firm’s 50 day moving average price is $224.05 and its 200 day moving average price is $213.83. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated 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 owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in Veeva Systems in the 4th quarter valued at $95,710,000. Promus Capital LLC bought a new stake in shares of Veeva Systems during the fourth quarter worth $36,000. Arizona State Retirement System lifted its stake in shares of Veeva Systems by 1.6% during the fourth quarter. Arizona State Retirement System now owns 44,682 shares of the technology company’s stock valued at $9,394,000 after acquiring an additional 685 shares during the period. Proficio Capital Partners LLC acquired a new stake in Veeva Systems in the fourth quarter worth about $22,545,000. Finally, Atria Investments Inc increased its position in Veeva Systems by 5.8% in the fourth quarter. Atria Investments Inc now owns 15,867 shares of the technology company’s stock worth $3,336,000 after purchasing an additional 868 shares during the period. 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.