Veeva Systems (NYSE:VEEV) Lowered to Sell Rating by The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Veeva Systems (NYSE:VEEV) from a buy rating to a sell rating in a research report released on Thursday, Marketbeat Ratings reports. They currently have $200.00 target price on the technology company’s stock, down from their previous target price of $261.00.

Several other research firms also recently issued reports on VEEV. Citigroup lifted their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Bank of America upped their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Royal Bank of Canada raised their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Guggenheim upped their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lifted their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $223.23 on Thursday. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a market capitalization of $36.24 billion, a PE ratio of 55.12, a P/E/G ratio of 2.01 and a beta of 0.84. The business has a 50-day moving average of $221.55 and a 200-day moving average of $210.52.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VEEV. MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Veeva Systems during the third quarter valued at approximately $26,000. True Wealth Design LLC boosted its holdings in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after buying an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Veeva Systems in the fourth quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Veeva Systems in the third quarter valued at $49,000. Institutional investors own 88.20% of the company’s stock.

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.