Veeva Systems (NYSE:VEEV) Price Target Lowered to $296.00 at JPMorgan Chase & Co.

Veeva Systems (NYSE:VEEV) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $330.00 to $296.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 63.50% from the stock’s previous close.

VEEV has been the subject of a number of other research reports. Jefferies Financial Group reissued a “buy” rating and set a $330.00 target price on shares of Veeva Systems in a research note on Monday, November 24th. Morgan Stanley upgraded Veeva Systems from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $222.00 to $205.00 in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $355.00 price objective on shares of Veeva Systems in a research report on Friday, November 21st. Wells Fargo & Company cut their target price on Veeva Systems from $341.00 to $333.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 25th. Finally, UBS Group lowered their target price on Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a report on Friday. 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 company’s stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average target price of $302.58.

Veeva Systems Stock Down 0.8%

VEEV traded down $1.53 during midday trading on Friday, hitting $181.04. 1,096,251 shares of the company were exchanged, compared to its average volume of 2,169,236. The firm’s 50 day moving average price is $211.84 and its 200-day moving average price is $254.82. Veeva Systems has a 1-year low of $168.13 and a 1-year high of $310.50. The firm has a market capitalization of $29.76 billion, a P/E ratio of 35.22, a P/E/G ratio of 1.25 and a beta of 1.08.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.09. The business had revenue of $0.81 million during the quarter, compared to the consensus estimate of $792.37 million. Veeva Systems had a net margin of 27.93% and a return on equity of 13.68%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.75 EPS. On average, sell-side analysts predict that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its Board of Directors has initiated a share repurchase 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the sale, the insider 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 legal filing with the SEC, which is accessible through this link. Insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Several large investors have recently added to or reduced their stakes in VEEV. Norges Bank bought a new position in shares of Veeva Systems in the fourth quarter worth $332,412,000. Alphinity Investment Management Pty Ltd purchased a new stake in Veeva Systems during the 3rd quarter worth about $422,241,000. Durable Capital Partners LP bought a new position in Veeva Systems in the 2nd quarter worth about $281,351,000. AQR Capital Management LLC increased its position in shares of 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 valued at $526,508,000 after buying an additional 969,905 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in shares of Veeva Systems by 1,039.4% in the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock worth $292,292,000 after buying an additional 925,896 shares in the last quarter. Hedge funds and other institutional investors 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.