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

Veeva Systems (NYSE:VEEV) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday.

Several other research firms have also recently weighed in on VEEV. Truist Financial restated a “buy” rating and issued a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a research report on Thursday, March 5th. Jefferies Financial Group reissued a “buy” rating and set a $330.00 price target on shares of Veeva Systems in a research note on Monday, November 24th. Wells Fargo & Company lowered their price target on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. William Blair restated an “outperform” rating on shares of Veeva Systems in a research report on Tuesday, March 10th. Finally, Morgan Stanley upped their price objective on Veeva Systems from $205.00 to $215.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $283.70.

Veeva Systems Price Performance

Shares of VEEV opened at $184.16 on Friday. The stock has a market cap of $30.27 billion, a price-to-earnings ratio of 34.04, a PEG ratio of 1.22 and a beta of 1.09. The company has a 50-day moving average of $194.75 and a two-hundred day moving average of $240.55. Veeva Systems has a one year low of $168.13 and a one year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 14.11% and a net margin of 28.44%.The company had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. During the same period last year, the company posted $1.74 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Analysts anticipate that Veeva Systems will post 4.35 earnings per share for the current year.

Veeva Systems declared that its board has authorized a share buyback plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider owned 23,204 shares in the company, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 10.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently modified their holdings of the stock. GPS Wealth Strategies Group LLC boosted its stake in Veeva Systems by 196.4% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after acquiring an additional 55 shares during the last quarter. SHP Wealth Management bought a new stake in Veeva Systems in the fourth quarter valued at approximately $26,000. Board of the Pension Protection Fund bought a new stake in Veeva Systems in the fourth quarter valued at approximately $27,000. Raiffeisen Bank International AG acquired a new stake in Veeva Systems in the third quarter worth $28,000. Finally, Newbridge Financial Services Group Inc. raised its holdings in Veeva Systems by 322.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock worth $29,000 after purchasing an additional 100 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.