Veeva Systems (NYSE:VEEV) Rating Lowered to Hold at StockNews.com

Veeva Systems (NYSE:VEEV) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other analysts have also recently commented on VEEV. Raymond James upped their target price on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Barclays raised their price target on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. BNP Paribas started coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. Truist Financial boosted their price target on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. Finally, Piper Sandler lifted their price target on shares of Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $232.87.

Veeva Systems Trading Up 1.9 %

Shares of NYSE VEEV traded up $3.97 during midday trading on Friday, hitting $212.80. 576,424 shares of the company’s stock were exchanged, compared to its average volume of 938,127. The company has a market cap of $34.46 billion, a price-to-earnings ratio of 56.75, a PEG ratio of 2.09 and a beta of 0.81. Veeva Systems has a 12-month low of $162.72 and a 12-month high of $236.90. The business’s fifty day moving average price is $212.62 and its two-hundred day moving average price is $199.04.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Equities analysts expect that Veeva Systems will post 4.21 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

Several institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after buying an additional 991,208 shares during the period. Swedbank AB bought a new stake in shares of Veeva Systems during the 1st quarter valued at about $227,673,000. Matrix Capital Management Company LP raised its stake in Veeva Systems by 635.4% during the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock worth $115,572,000 after acquiring an additional 430,989 shares during the period. Finally, Acadian Asset Management LLC lifted its holdings in Veeva Systems by 83.8% in the first quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock worth $143,235,000 after acquiring an additional 281,993 shares during the last quarter. 88.20% of the stock is 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.