Truist Financial Trims Veeva Systems (NYSE:VEEV) Target Price to $197.00

Veeva Systems (NYSE:VEEV) had its price objective reduced by research analysts at Truist Financial from $203.00 to $197.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential upside of 6.66% from the company’s current price.

A number of other research firms have also recently commented on VEEV. KeyCorp boosted their target price on shares of Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Robert W. Baird lifted their price target on shares of Veeva Systems from $251.00 to $255.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. The Goldman Sachs Group lifted their price target on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Finally, Raymond James restated an “outperform” rating and issued a $260.00 price target on shares of Veeva Systems in a research note on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $227.95.

Veeva Systems Stock Performance

Veeva Systems stock opened at $184.70 on Friday. The company has a market cap of $29.80 billion, a price-to-earnings ratio of 54.48, a PEG ratio of 1.83 and a beta of 0.80. Veeva Systems has a 1 year low of $162.72 and a 1 year high of $236.90. The firm has a 50 day moving average price of $199.25 and a 200 day moving average price of $204.56.

Insider Transactions at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the transaction, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,989 shares of company stock valued at $4,192,363. 10.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Facet Wealth Inc. lifted its holdings in Veeva Systems by 3.2% during the fourth quarter. Facet Wealth Inc. now owns 1,542 shares of the technology company’s stock worth $323,000 after acquiring an additional 48 shares during the period. Western Pacific Wealth Management LP raised its stake in shares of Veeva Systems by 23.3% in the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after buying an additional 58 shares during the period. Yousif Capital Management LLC raised its stake in shares of Veeva Systems by 3.5% in the fourth quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock valued at $342,000 after buying an additional 60 shares during the period. Personal CFO Solutions LLC raised its stake in shares of Veeva Systems by 5.9% in the third quarter. Personal CFO Solutions LLC now owns 1,091 shares of the technology company’s stock valued at $222,000 after buying an additional 61 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in shares of Veeva Systems by 14.7% in the fourth quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock valued at $102,000 after buying an additional 68 shares during the period. Hedge funds and other 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.