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

StockNews.com lowered shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a research report report published on Thursday morning.

VEEV has been the topic of several other reports. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a report on Friday, January 17th. Bank of America lifted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Royal Bank of Canada upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Scotiabank upped their target price on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. Finally, Guggenheim increased their target price on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Trading Up 0.2 %

Shares of VEEV opened at $223.37 on Thursday. The company’s fifty day simple moving average is $221.63 and its 200-day simple moving average is $210.89. The company has a market cap of $36.26 billion, a P/E ratio of 55.15, a P/E/G ratio of 2.01 and a beta of 0.84. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction dated 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 in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction on Friday, November 8th. The shares were 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. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors have recently bought and sold shares of VEEV. Massachusetts Financial Services Co. MA grew its stake in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Veeva Systems by 138.9% in the 3rd 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. JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the last quarter. FMR LLC lifted its stake in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after buying an additional 610,021 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new stake in Veeva Systems during the 4th quarter valued at $94,957,000. 88.20% of the stock is currently 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.