Oppenheimer Has Lowered Expectations for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price target lowered by equities research analysts at Oppenheimer from $325.00 to $275.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s target price would indicate a potential upside of 56.40% from the stock’s previous close.

VEEV has been the topic of a number of other reports. BMO Capital Markets initiated coverage on shares of Veeva Systems in a research report on Thursday, November 13th. They set a “market perform” rating and a $300.00 price target on the stock. Morgan Stanley upgraded Veeva Systems from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $222.00 to $205.00 in a research report on Tuesday, February 17th. Needham & Company LLC reiterated a “buy” rating and set a $355.00 price target on shares of Veeva Systems in a research report on Friday, November 21st. Wall Street Zen lowered Veeva Systems from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating on shares of Veeva Systems in a report on Tuesday, November 25th. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $300.50.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $3.66 on Tuesday, hitting $175.83. The company’s stock had a trading volume of 315,252 shares, compared to its average volume of 2,136,964. The company has a market capitalization of $28.90 billion, a price-to-earnings ratio of 33.99, a price-to-earnings-growth ratio of 1.25 and a beta of 1.08. Veeva Systems has a 12 month low of $168.13 and a 12 month high of $310.50. The stock’s 50-day moving average is $210.04 and its two-hundred day moving average is $252.94.

Veeva Systems announced that its board has initiated a share buyback plan on Monday, January 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology company to buy up to 5.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 10.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Veeva Systems in the 4th quarter valued at approximately $332,412,000. Alphinity Investment Management Pty Ltd bought a new stake in Veeva Systems in the third quarter valued at $422,241,000. Durable Capital Partners LP bought a new stake in Veeva Systems in the second quarter valued at $281,351,000. AQR Capital Management LLC raised its stake in Veeva Systems by 111.7% during the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock worth $526,508,000 after acquiring an additional 969,905 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Veeva Systems by 1,039.4% during the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after acquiring an additional 925,896 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.