StockNews.com Downgrades Veeva Systems (NYSE:VEEV) to Hold

Veeva Systems (NYSE:VEEV) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Other analysts have also recently issued research reports about the company. KeyCorp lowered their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Stifel Nicolaus boosted their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Guggenheim increased their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Canaccord Genuity Group raised their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Finally, Piper Sandler boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems Stock Performance

VEEV traded down $5.84 during trading on Thursday, hitting $223.23. The stock had a trading volume of 2,139,488 shares, compared to its average volume of 1,130,906. The stock has a 50 day simple moving average of $221.55 and a two-hundred day simple moving average of $210.52. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a market capitalization of $36.24 billion, a PE ratio of 55.12, a PEG ratio of 1.96 and a beta of 0.84.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Institutional Trading of Veeva Systems

Institutional investors have recently made changes to their positions in the company. Heck Capital Advisors LLC acquired a new position in Veeva Systems in the 4th quarter valued at $309,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Veeva Systems in the fourth quarter valued at about $180,000. Oak Harvest Investment Services purchased a new position in shares of Veeva Systems in the fourth quarter worth about $1,051,000. Mediolanum International Funds Ltd boosted its position in Veeva Systems by 11.2% during the fourth quarter. Mediolanum International Funds Ltd now owns 65,946 shares of the technology company’s stock worth $13,911,000 after acquiring an additional 6,620 shares during the last quarter. Finally, Gilbert & Cook Inc. grew its stake in Veeva Systems by 11.0% during the 4th quarter. Gilbert & Cook Inc. now owns 2,393 shares of the technology company’s stock valued at $503,000 after acquiring an additional 237 shares in 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.