Veeva Systems (NYSE:VEEV) Trading Down 2.8% – Time to Sell?

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

Analysts Set New Price Targets

VEEV has been the subject of several research reports. Mizuho started coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 target price for the company. Citigroup increased their target price on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Bank of America boosted 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. Piper Sandler upped their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Stephens initiated coverage on Veeva Systems in a report on Friday. They set an “overweight” rating and a $280.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $257.44.

Veeva Systems Stock Down 2.8 %

The company has a market capitalization of $35.49 billion, a P/E ratio of 53.98, a price-to-earnings-growth ratio of 2.03 and a beta of 0.82. The business has a fifty day moving average price of $223.28 and a 200 day moving average price of $205.84.

Insider Activity 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 transaction of $270,251.26. Following the completion of the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems 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 completion of the sale, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

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

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.