Veeva Systems (NYSE:VEEV) Given New $250.00 Price Target at Barclays

Veeva Systems (NYSE:VEEV) had its target price reduced by Barclays from $305.00 to $250.00 in a research report report published on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Other equities analysts also recently issued reports about the company. BTIG Research restated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a report on Friday, November 21st. Weiss Ratings downgraded shares of Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Wells Fargo & Company reduced their price objective on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Truist Financial raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Thursday, January 8th. Finally, Robert W. Baird upped their target price on shares of Veeva Systems from $314.00 to $319.00 and gave the stock an “outperform” rating in a research note on Friday, November 21st. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $298.21.

Veeva Systems Stock Up 0.3%

Veeva Systems stock opened at $176.34 on Wednesday. Veeva Systems has a twelve month low of $168.13 and a twelve month high of $310.50. The company has a market capitalization of $28.99 billion, a P/E ratio of 34.31, a PEG ratio of 1.22 and a beta of 1.08. The stock’s 50 day moving average is $208.38 and its 200 day moving average is $251.65.

Veeva Systems announced that its Board of Directors has authorized a share repurchase plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to purchase up to 5.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of the firm’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the transaction, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 10.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of VEEV. GPS Wealth Strategies Group LLC increased its position in shares of Veeva Systems by 196.4% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares during the last quarter. Board of the Pension Protection Fund bought a new stake in Veeva Systems during the fourth quarter valued at approximately $27,000. Raiffeisen Bank International AG purchased a new stake in Veeva Systems during the third quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. increased its holdings in Veeva Systems by 322.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after buying an additional 100 shares during the last quarter. Finally, Activest Wealth Management raised its position in Veeva Systems by 3,175.0% in the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock worth $29,000 after acquiring an additional 127 shares during the period. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.