Veeva Systems (NYSE:VEEV) Cut to C+ at TheStreet

Veeva Systems (NYSE:VEEV) was downgraded by analysts at TheStreet from a “b-” rating to a “c+” rating in a research note issued on Thursday, TheStreetRatingsTable reports.

VEEV has been the subject of several other reports. SVB Leerink raised shares of Veeva Systems from a “market perform” rating to an “outperform” rating and set a $282.00 price target for the company in a research report on Thursday, January 6th. Morgan Stanley cut shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $330.00 to $280.00 in a research note on Thursday, December 16th. Robert W. Baird dropped their price target on shares of Veeva Systems from $349.00 to $310.00 and set an “outperform” rating on the stock in a research note on Thursday, December 2nd. UBS Group decreased their price objective on Veeva Systems from $320.00 to $290.00 and set a “neutral” rating on the stock in a report on Thursday, December 2nd. Finally, Stifel Nicolaus began coverage on Veeva Systems in a report on Friday, October 1st. They set a “buy” rating and a $335.00 price target on the stock. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Veeva Systems has an average rating of “Buy” and a consensus price target of $328.32.

NYSE:VEEV opened at $223.85 on Thursday. Veeva Systems has a 12 month low of $221.48 and a 12 month high of $343.96. The stock has a market cap of $34.42 billion, a price-to-earnings ratio of 83.84, a P/E/G ratio of 6.03 and a beta of 0.75. The company has a 50-day moving average price of $271.83 and a 200-day moving average price of $299.51.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, December 1st. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.09. Veeva Systems had a net margin of 24.59% and a return on equity of 16.16%. During the same quarter last year, the business earned $0.54 earnings per share. On average, equities research analysts expect that Veeva Systems will post 2.56 earnings per share for the current fiscal year.

In other news, SVP Jonathan Faddis sold 1,667 shares of the firm’s stock in a transaction dated Monday, October 18th. The stock was sold at an average price of $308.29, for a total value of $513,919.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alan Mateo sold 2,347 shares of the firm’s stock in a transaction dated Wednesday, November 10th. The shares were sold at an average price of $315.45, for a total transaction of $740,361.15. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,805 shares of company stock worth $9,493,499. Company insiders own 13.18% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Quadrant L P CA acquired a new position in shares of Veeva Systems during the third quarter valued at about $34,000. Liberty Wealth Management LLC grew its position in Veeva Systems by 312.9% in the 3rd quarter. Liberty Wealth Management LLC now owns 128 shares of the technology company’s stock worth $38,000 after purchasing an additional 97 shares in the last quarter. Altshuler Shaham Ltd bought a new stake in Veeva Systems in the 3rd quarter worth about $46,000. FourThought Financial LLC grew its position in Veeva Systems by 37.4% in the 4th quarter. FourThought Financial LLC now owns 169 shares of the technology company’s stock worth $43,000 after purchasing an additional 46 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in Veeva Systems by 2,514.3% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 183 shares of the technology company’s stock worth $57,000 after purchasing an additional 176 shares in the last quarter. 78.19% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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