Veeva Systems (NYSE:VEEV) Shares Gap Down Following Analyst Downgrade

Veeva Systems Inc. (NYSE:VEEVGet Rating)’s stock price gapped down prior to trading on Tuesday after Piper Sandler lowered their price target on the stock from $220.00 to $204.00. The stock had previously closed at $161.08, but opened at $157.23. Piper Sandler currently has an overweight rating on the stock. Veeva Systems shares last traded at $158.32, with a volume of 3,883 shares.

VEEV has been the subject of several other reports. KeyCorp dropped their target price on shares of Veeva Systems from $220.00 to $210.00 and set an “overweight” rating for the company in a research report on Monday, December 5th. StockNews.com lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, December 13th. Morgan Stanley reduced their price target on shares of Veeva Systems from $190.00 to $181.00 and set an “equal weight” rating for the company in a research note on Friday, January 6th. Guggenheim raised their price objective on shares of Veeva Systems to $232.00 in a report on Friday, December 2nd. Finally, Robert W. Baird lowered their price target on shares of Veeva Systems from $250.00 to $233.00 in a report on Monday, October 31st. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $210.39.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, CEO Peter P. Gassner sold 58,333 shares of the stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $168.83, for a total transaction of $9,848,360.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Veeva Systems news, Director Matthew J. Wallach sold 10,000 shares of the stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $169.49, for a total transaction of $1,694,900.00. Following the completion of the sale, the director now directly owns 2,546 shares of the company’s stock, valued at $431,521.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Peter P. Gassner sold 58,333 shares of the company’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $168.83, for a total transaction of $9,848,360.39. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 314,110 shares of company stock valued at $52,671,519. 13.23% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Veeva Systems by 14.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 16,414,343 shares of the technology company’s stock valued at $3,250,696,000 after acquiring an additional 2,056,275 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 0.9% during the third quarter. Vanguard Group Inc. now owns 13,294,729 shares of the technology company’s stock valued at $2,192,035,000 after acquiring an additional 119,298 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Veeva Systems by 6.4% during the third quarter. Artisan Partners Limited Partnership now owns 9,393,531 shares of the technology company’s stock valued at $1,548,805,000 after acquiring an additional 563,361 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Veeva Systems by 19.1% during the third quarter. Alliancebernstein L.P. now owns 5,922,651 shares of the technology company’s stock valued at $976,527,000 after acquiring an additional 951,240 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Veeva Systems by 0.7% during the third quarter. State Street Corp now owns 2,911,200 shares of the technology company’s stock valued at $479,999,000 after acquiring an additional 20,039 shares in the last quarter. Institutional investors and hedge funds own 78.76% of the company’s stock.

Veeva Systems Stock Performance

The company’s fifty day moving average is $172.95 and its two-hundred day moving average is $184.58. The company has a market cap of $25.10 billion, a price-to-earnings ratio of 65.80, a P/E/G ratio of 4.05 and a beta of 0.89.

Veeva Systems (NYSE:VEEVGet Rating) last issued its quarterly earnings results on Thursday, December 1st. The technology company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.03. Veeva Systems had a net margin of 19.08% and a return on equity of 12.81%. The company had revenue of $552.35 million for the quarter, compared to the consensus estimate of $545.78 million. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 2.51 EPS for the current fiscal year.

Veeva Systems Company Profile

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading

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