Veeva Systems (NYSE:VEEV) Downgraded to “Hold” Rating by StockNews.com

StockNews.com cut shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Several other brokerages have also issued reports on VEEV. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a report on Thursday, August 29th. Piper Sandler lifted their price target on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. TD Cowen upped their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Bank of America raised their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, UBS Group boosted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $232.87.

Veeva Systems Trading Down 0.1 %

Shares of Veeva Systems stock opened at $212.53 on Friday. The firm’s 50 day moving average is $212.89 and its 200 day moving average is $199.12. The firm has a market capitalization of $34.42 billion, a PE ratio of 56.67, a price-to-earnings-growth ratio of 2.03 and a beta of 0.81. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The company had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, research analysts anticipate that Veeva Systems will post 4.21 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Procyon Advisors LLC bought a new stake in shares of Veeva Systems in the third quarter valued at $712,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Veeva Systems by 30.8% during the 1st quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after buying an additional 20,982 shares in the last quarter. Mediolanum International Funds Ltd bought a new position in Veeva Systems in the 1st quarter worth approximately $5,112,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Veeva Systems by 46.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock valued at $30,786,000 after acquiring an additional 42,396 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 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.