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

Wall Street Zen downgraded shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a research note issued to investors on Friday.

VEEV has been the subject of a number of other reports. Citigroup boosted their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. BTIG Research raised their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Piper Sandler lifted their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Raymond James Financial reissued an “outperform” rating and set a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Evercore ISI lifted their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an “in-line” rating in a research note on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average price target of $303.67.

Veeva Systems Stock Down 1.4%

Veeva Systems stock opened at $296.47 on Friday. The firm has a market capitalization of $48.60 billion, a PE ratio of 60.88, a P/E/G ratio of 2.29 and a beta of 0.98. Veeva Systems has a 52 week low of $200.30 and a 52 week high of $302.00. The firm’s 50-day simple moving average is $281.68 and its 200 day simple moving average is $263.13.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 3,350 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the sale, the insider directly owned 23,773 shares in the company, valued at $7,132,850.92. This represents a 12.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 14,595 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total value of $4,378,500.00. Following the sale, the senior vice president owned 8,588 shares of the company’s stock, valued at $2,576,400. The trade was a 62.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,665 shares of company stock valued at $5,589,280 over the last 90 days. 10.30% of the stock is currently owned by insiders.

Institutional Trading of Veeva Systems

A number of institutional investors have recently added to or reduced their stakes in the business. Trust Co. of Toledo NA OH acquired a new stake in Veeva Systems in the 2nd quarter valued at $29,000. Abound Financial LLC purchased a new stake in shares of Veeva Systems in the first quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new stake in shares of Veeva Systems in the second quarter valued at about $32,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the 1st quarter valued at about $26,000. Finally, Maseco LLP acquired a new position in Veeva Systems during the 2nd quarter worth approximately $35,000. 88.20% of the stock is 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.