Veeva Systems (NYSE:VEEV) Price Target Cut to $200.00

Veeva Systems (NYSE:VEEV) had its price objective reduced by equities research analysts at Raymond James from $240.00 to $200.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective points to a potential upside of 21.15% from the stock’s current price.

Several other brokerages have also recently weighed in on VEEV. Robert W. Baird reissued an “outperform” rating and set a $242.00 price objective on shares of Veeva Systems in a research note on Thursday, September 14th. KeyCorp boosted their price objective on Veeva Systems from $220.00 to $230.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Stifel Nicolaus boosted their target price on Veeva Systems from $205.00 to $211.00 and gave the company a “buy” rating in a research report on Thursday, August 31st. StockNews.com lowered Veeva Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 25th. Finally, UBS Group boosted their target price on Veeva Systems from $175.00 to $205.00 and gave the company a “neutral” rating in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $219.91.

Veeva Systems Trading Down 0.9 %

Shares of VEEV stock opened at $165.08 on Friday. Veeva Systems has a 12-month low of $157.00 and a 12-month high of $225.49. The stock’s 50-day moving average price is $203.54 and its 200-day moving average price is $194.70. The stock has a market capitalization of $26.52 billion, a price-to-earnings ratio of 49.72, a price-to-earnings-growth ratio of 2.49 and a beta of 0.87.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 30th. The technology company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.08. Veeva Systems had a return on equity of 10.89% and a net margin of 24.20%. The company had revenue of $590.23 million for the quarter, compared to analysts’ expectations of $582.28 million. During the same period in the previous year, the firm posted $0.56 earnings per share. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts predict that Veeva Systems will post 2.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, EVP Alan Mateo sold 6,280 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $193.72, for a total transaction of $1,216,561.60. Following the completion of the sale, the executive vice president now owns 19,769 shares in the company, valued at $3,829,650.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Veeva Systems news, EVP Alan Mateo sold 6,280 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $193.72, for a total transaction of $1,216,561.60. Following the completion of the sale, the executive vice president now owns 19,769 shares in the company, valued at $3,829,650.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul J. Sekhri sold 2,500 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $224.85, for a total value of $562,125.00. Following the sale, the director now owns 14,484 shares of the company’s stock, valued at approximately $3,256,727.40. The disclosure for this sale can be found here. Insiders sold a total of 39,768 shares of company stock worth $7,990,190 over the last 90 days. Company insiders own 10.98% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. increased its position in shares of Veeva Systems by 2.5% during the third quarter. UMB Bank n.a. now owns 2,103 shares of the technology company’s stock worth $428,000 after purchasing an additional 51 shares in the last quarter. NewEdge Wealth LLC increased its position in shares of Veeva Systems by 0.6% during the third quarter. NewEdge Wealth LLC now owns 10,059 shares of the technology company’s stock worth $2,047,000 after purchasing an additional 60 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Veeva Systems by 9.3% during the fourth quarter. Penserra Capital Management LLC now owns 729 shares of the technology company’s stock worth $117,000 after purchasing an additional 62 shares in the last quarter. Toroso Investments LLC increased its position in shares of Veeva Systems by 4.9% during the third quarter. Toroso Investments LLC now owns 1,318 shares of the technology company’s stock worth $217,000 after purchasing an additional 62 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in shares of Veeva Systems by 3.4% during the third quarter. Sequoia Financial Advisors LLC now owns 1,940 shares of the technology company’s stock worth $395,000 after purchasing an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 80.07% of the company’s stock.

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 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.