Veeva Systems (NYSE:VEEV) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a research note released on Thursday morning.

Other equities analysts have also issued reports about the company. Scotiabank lifted their price objective on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Evercore ISI boosted their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Truist Financial reduced their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Guggenheim increased their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

Veeva Systems Stock Down 2.5 %

Shares of NYSE:VEEV opened at $223.23 on Thursday. The firm has a market cap of $36.24 billion, a P/E ratio of 55.12, a P/E/G ratio of 2.01 and a beta of 0.84. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93. The business has a fifty day simple moving average of $221.55 and a 200 day simple moving average of $210.52.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated 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 owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $390,128.20. Following the transaction, 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 disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Patriot Financial Group Insurance Agency LLC grew its stake in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after buying an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB increased its holdings in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Clearbridge Investments LLC raised its position in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after acquiring an additional 52 shares during the period. Finally, CHICAGO TRUST Co NA boosted its stake in Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock valued at $395,000 after acquiring an additional 53 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.