Veeva Systems (NYSE:VEEV) Rating Lowered to Hold at Wall Street Zen

Veeva Systems (NYSE:VEEV) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other brokerages have also recently weighed in on VEEV. Mizuho upped their price target on Veeva Systems from $295.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Needham & Company LLC boosted their price objective on Veeva Systems from $300.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. BTIG Research boosted their price objective on Veeva Systems from $335.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Citigroup boosted their price objective on Veeva Systems from $329.00 to $349.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Finally, KeyCorp boosted their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a research note on Monday, July 14th. Sixteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $303.67.

Veeva Systems Stock Performance

VEEV opened at $296.47 on Friday. Veeva Systems has a twelve month low of $200.30 and a twelve month high of $302.00. The firm has a market cap of $48.60 billion, a P/E ratio of 60.88, a price-to-earnings-growth ratio of 2.29 and a beta of 0.98. The business has a 50 day moving average price of $281.68 and a 200 day moving average price of $262.93.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director owned 3,966 shares of the company’s stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 14,595 shares of the stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total value of $4,378,500.00. Following the transaction, the senior vice president owned 8,588 shares of the company’s stock, valued at approximately $2,576,400. The trade was a 62.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,836 shares of company stock valued at $5,637,913. 10.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Trust Co. of Toledo NA OH acquired a new position in Veeva Systems during the second quarter valued at approximately $29,000. Abound Financial LLC acquired a new stake in Veeva Systems during the 1st quarter worth approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Veeva Systems during the 2nd quarter worth approximately $32,000. ORG Partners LLC acquired a new stake in Veeva Systems during the 1st quarter worth approximately $26,000. Finally, Maseco LLP bought a new position in Veeva Systems during the 2nd quarter worth $35,000. 88.20% of the stock is currently owned by 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.