Veeva Systems (NYSE:VEEV) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a report published on Sunday.

A number of other equities analysts have also weighed in on the company. TD Cowen decreased their target price on Veeva Systems from $380.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Piper Sandler dropped their price target on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a report on Friday, February 20th. The Goldman Sachs Group began coverage on shares of Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price objective on the stock. Finally, Barclays dropped their target price on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Seventeen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $283.70.

Veeva Systems Trading Down 3.3%

Veeva Systems stock opened at $179.20 on Friday. Veeva Systems has a 12 month low of $168.13 and a 12 month high of $310.50. The company has a market capitalization of $29.46 billion, a price-to-earnings ratio of 33.12, a price-to-earnings-growth ratio of 1.22 and a beta of 1.09. The business’s fifty day simple moving average is $192.81 and its two-hundred day simple moving average is $239.08.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The company had revenue of $835.95 million for the quarter, compared to analysts’ expectations of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. Veeva Systems’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.74 EPS. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. On average, equities research analysts predict that Veeva Systems will post 4.35 EPS for the current year.

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

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction 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 owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new stake in Veeva Systems during the fourth quarter valued at about $332,412,000. Alphinity Investment Management Pty Ltd purchased a new stake in Veeva Systems in the third quarter worth about $422,241,000. Durable Capital Partners LP bought a new position in shares of Veeva Systems in the second quarter worth about $281,351,000. AQR Capital Management LLC lifted its position in shares of Veeva Systems by 111.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after buying an additional 969,905 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Veeva Systems by 1,039.4% during the 2nd 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. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.