KeyCorp Has Lowered Expectations for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective reduced by research analysts at KeyCorp from $260.00 to $250.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target would suggest a potential upside of 15.88% from the stock’s current price.

A number of other research firms have also weighed in on VEEV. Morgan Stanley lifted their target price on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Scotiabank raised their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Stephens reiterated an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $256.32.

Veeva Systems Stock Performance

VEEV stock opened at $215.73 on Wednesday. The stock has a fifty day moving average of $227.68 and a 200-day moving average of $223.29. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The company has a market capitalization of $35.10 billion, a price-to-earnings ratio of 53.27, a PEG ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 over the last 90 days. Company insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

Hedge funds have recently modified their holdings of the company. Cardinal Capital Management grew its position in Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after acquiring an additional 44 shares in the last quarter. Johnson Financial Group Inc. lifted its holdings in shares of Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock worth $56,000 after buying an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC lifted its holdings in Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after buying an additional 51 shares during the period. Finally, CHICAGO TRUST Co NA raised its holdings in Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock worth $395,000 after purchasing an additional 53 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other 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.