Veeva Systems (NYSE:VEEV) PT Lowered to $200.00 at Citigroup

Veeva Systems (NYSE:VEEV – Get Rating) had its price target reduced by Citigroup from $213.00 to $200.00 in a research report released on Wednesday, Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other analysts also recently issued reports about the stock. Cowen began coverage on shares of Veeva Systems in a report on Tuesday, December 6th. They issued a market perform rating and a $184.00 price objective on the stock. Cowen initiated coverage on shares of Veeva Systems in a research note on Tuesday, December 6th. They issued a market perform rating for the company. StockNews.com cut shares of Veeva Systems from a buy rating to a hold rating in a research note on Tuesday, February 7th. Piper Sandler decreased their target price on shares of Veeva Systems from $220.00 to $204.00 and set an overweight rating for the company in a research note on Monday, January 9th. Finally, Needham & Company LLC raised their target price on shares of Veeva Systems from $205.00 to $220.00 and gave the company a buy rating in a research note on Friday, December 2nd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of Moderate Buy and an average target price of $205.55.

Veeva Systems Stock Up 3.7 %

NYSE VEEV opened at $180.05 on Wednesday. Veeva Systems has a 12-month low of $151.02 and a 12-month high of $232.26. The company has a market capitalization of $28.03 billion, a PE ratio of 59.82, a price-to-earnings-growth ratio of 3.90 and a beta of 0.90. The firm’s 50 day moving average is $167.79 and its 200-day moving average is $173.56.

Veeva Systems (NYSE:VEEV – Get Rating) last posted its quarterly earnings data on Thursday, December 1st. The technology company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.03. Veeva Systems had a net margin of 22.63% and a return on equity of 12.87%. The company had revenue of $552.35 million for the quarter, compared to the consensus estimate of $545.78 million. As a group, sell-side analysts expect that Veeva Systems will post 2.72 EPS for the current year.

Insider Transactions at Veeva Systems

In other news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction on Monday, February 6th. The stock was sold at an average price of $174.29, for a total transaction of $1,742,900.00. Following the completion of the sale, the director now owns 2,846 shares of the company’s stock, valued at $496,029.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew J. Wallach sold 10,000 shares of the business’s stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $174.29, for a total value of $1,742,900.00. Following the completion of the transaction, the director now owns 2,846 shares of the company’s stock, valued at $496,029.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter P. Gassner sold 58,333 shares of the business’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $168.83, for a total value of $9,848,360.39. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 318,610 shares of company stock valued at $53,449,824. 13.23% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of VEEV. Fieldpoint Private Securities LLC acquired a new position in Veeva Systems in the second quarter valued at about $30,000. CI Investments Inc. raised its stake in Veeva Systems by 964.7% during the third quarter. CI Investments Inc. now owns 181 shares of the technology company’s stock worth $30,000 after acquiring an additional 164 shares in the last quarter. Lindbrook Capital LLC raised its stake in Veeva Systems by 143.0% during the fourth quarter. Lindbrook Capital LLC now owns 192 shares of the technology company’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. HM Payson & Co. raised its stake in Veeva Systems by 400.0% during the fourth quarter. HM Payson & Co. now owns 190 shares of the technology company’s stock worth $31,000 after acquiring an additional 152 shares in the last quarter. Finally, My Personal CFO LLC acquired a new position in Veeva Systems during the fourth quarter worth about $33,000. Institutional investors and hedge funds own 78.76% of the company’s stock.

About Veeva Systems

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.