Truist Financial Lowers Veeva Systems (NYSE:VEEV) Price Target to $210.00

Veeva Systems (NYSE:VEEV) had its price objective decreased by equities research analysts at Truist Financial from $261.00 to $210.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s target price points to a potential downside of 0.38% from the company’s previous close.

A number of other research firms have also commented on VEEV. BNP Paribas initiated coverage on Veeva Systems in a research report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Guggenheim upped their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Canaccord Genuity Group boosted their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada increased their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $255.74.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $210.81 on Monday. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The stock has a market capitalization of $34.23 billion, a price-to-earnings ratio of 52.05, a PEG ratio of 2.03 and a beta of 0.84. The firm has a fifty day moving average of $222.94 and a two-hundred day moving average of $209.17.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently bought and sold shares of the company. Park Avenue Securities LLC boosted its holdings in shares of Veeva Systems by 1.9% in the 4th quarter. Park Avenue Securities LLC now owns 12,228 shares of the technology company’s stock valued at $2,571,000 after purchasing an additional 233 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Veeva Systems by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 60,072 shares of the technology company’s stock valued at $12,630,000 after acquiring an additional 38,793 shares during the last quarter. Rockland Trust Co. raised its stake in Veeva Systems by 5.0% during the fourth quarter. Rockland Trust Co. now owns 112,764 shares of the technology company’s stock worth $23,709,000 after acquiring an additional 5,322 shares in the last quarter. Oak Thistle LLC lifted its holdings in shares of Veeva Systems by 789.8% in the fourth quarter. Oak Thistle LLC now owns 12,093 shares of the technology company’s stock worth $2,543,000 after acquiring an additional 10,734 shares during the last quarter. Finally, Clean Yield Group bought a new position in shares of Veeva Systems in the fourth quarter worth about $3,487,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

About Veeva Systems

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.