Veeva Systems (NYSE:VEEV) Price Target Lowered to $255.00 at KeyCorp

Veeva Systems (NYSE:VEEV) had its target price cut by KeyCorp from $285.00 to $255.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other research analysts also recently issued reports on VEEV. Needham & Company LLC upped their target price on shares of Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Barclays increased their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Bank of America increased their price target on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Guggenheim lifted their price objective on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $257.63.

Veeva Systems Stock Performance

NYSE VEEV opened at $217.54 on Wednesday. The stock has a market capitalization of $35.32 billion, a P/E ratio of 53.71, a price-to-earnings-growth ratio of 2.03 and a beta of 0.84. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The stock has a fifty day moving average of $222.69 and a 200-day moving average of $208.17.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

A number of large investors have recently added to or reduced their stakes in VEEV. General American Investors Co. Inc. acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $5,133,000. Toronto Dominion Bank raised its position in shares of Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock valued at $4,235,000 after buying an additional 5,673 shares in the last quarter. Procyon Advisors LLC bought a new stake in Veeva Systems during the third quarter worth $712,000. Principal Financial Group Inc. lifted 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 worth $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its stake in shares of Veeva Systems by 3.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after purchasing an additional 2,733 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

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.