Veeva Systems (NYSE:VEEV) Stock Rating Lowered by StockNews.com

Posted by Defense World Staff on Jun 21st, 2023

Veeva Systems (NYSE:VEEV – Get Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

Other analysts have also issued research reports about the stock. UBS Group cut their target price on shares of Veeva Systems from $190.00 to $175.00 in a research report on Monday, May 22nd. Barclays lifted their target price on shares of Veeva Systems from $197.00 to $203.00 in a research note on Thursday, June 1st. KeyCorp lifted their price target on shares of Veeva Systems from $185.00 to $210.00 in a research note on Friday, June 2nd. TD Cowen lifted their price target on shares of Veeva Systems from $184.00 to $189.00 and gave the company a “market perform” rating in a research note on Monday, March 6th. Finally, Robert W. Baird boosted their target price on shares of Veeva Systems from $227.00 to $235.00 in a research report on Thursday, June 1st. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $205.65.

Veeva Systems Stock Performance

Shares of VEEV opened at $202.52 on Wednesday. Veeva Systems has a 52 week low of $151.02 and a 52 week high of $232.26. The firm has a market cap of $32.45 billion, a P/E ratio of 63.29, a price-to-earnings-growth ratio of 3.68 and a beta of 0.92. The firm’s 50-day simple moving average is $180.04 and its 200 day simple moving average is $173.74.

Veeva Systems (NYSE:VEEV – Get Rating) last announced its earnings results on Wednesday, May 31st. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. The firm had revenue of $526.33 million for the quarter, compared to analyst estimates of $515.47 million. Veeva Systems had a net margin of 23.85% and a return on equity of 10.88%. As a group, equities analysts forecast that Veeva Systems will post 2.68 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In other news, CAO Michele O’connor sold 3,137 shares of the firm’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $197.95, for a total value of $620,969.15. Following the completion of the sale, the chief accounting officer now directly owns 8,433 shares of the company’s stock, valued at approximately $1,669,312.35. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Paul Edward Chamberlain sold 160 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $189.22, for a total value of $30,275.20. Following the transaction, the director now owns 16,942 shares of the company’s stock, valued at $3,205,765.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michele O’connor sold 3,137 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $197.95, for a total transaction of $620,969.15. Following the completion of the transaction, the chief accounting officer now directly owns 8,433 shares in the company, valued at approximately $1,669,312.35. The disclosure for this sale can be found here. Insiders sold 15,333 shares of company stock valued at $3,059,046 in the last quarter. Company insiders own 10.98% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently modified their holdings of VEEV. MetLife Investment Management LLC bought a new position in Veeva Systems during the first quarter valued at $1,906,000. Dimensional Fund Advisors LP increased its holdings in shares of Veeva Systems by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 190,289 shares of the technology company’s stock valued at $40,430,000 after acquiring an additional 3,286 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Veeva Systems by 11.5% during the first quarter. Sequoia Financial Advisors LLC now owns 1,018 shares of the technology company’s stock valued at $216,000 after acquiring an additional 105 shares in the last quarter. National Pension Service increased its holdings in shares of Veeva Systems by 3.0% during the first quarter. National Pension Service now owns 195,170 shares of the technology company’s stock valued at $41,466,000 after acquiring an additional 5,607 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock valued at $2,738,229,000 after acquiring an additional 132,560 shares in the last quarter. Institutional investors own 89.65% of the company’s stock.

About Veeva Systems

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Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.