Veeva Systems (NYSE:VEEV) Shares Down 2.8% – Here’s What Happened

Shares of Veeva Systems Inc. (NYSE:VEEV) fell 2.8% on Tuesday . The stock traded as low as $218.65 and last traded at $218.68. 158,028 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 990,686 shares. The stock had previously closed at $224.89.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Needham & Company LLC upped their price target on shares of Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a report on Friday, December 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Royal Bank of Canada boosted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Bank of America lifted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their price target on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.44.

Veeva Systems Trading Down 2.8 %

The stock has a market capitalization of $35.49 billion, a price-to-earnings ratio of 53.98, a price-to-earnings-growth ratio of 2.03 and a beta of 0.82. The stock has a 50-day simple moving average of $223.28 and a 200 day simple moving average of $205.84.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. 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

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems during the 3rd quarter worth about $26,000. True Wealth Design LLC lifted its holdings in shares of Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after buying an additional 135 shares during the last quarter. Fairscale Capital LLC bought a new stake in shares of Veeva Systems in the second quarter valued at approximately $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Veeva Systems in the third quarter valued at approximately $49,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in Veeva Systems in the 2nd quarter worth $52,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.