Veeva Systems (NYSE:VEEV) Price Target Cut to $291.00 by Analysts at Citigroup

Veeva Systems (NYSE:VEEV) had its price objective cut by Citigroup from $319.00 to $291.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

VEEV has been the subject of a number of other reports. Needham & Company LLC cut their target price on shares of Veeva Systems from $355.00 to $270.00 and set a “buy” rating for the company in a report on Thursday, March 5th. The Goldman Sachs Group initiated coverage on shares of Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price objective for the company. JPMorgan Chase & Co. dropped their price objective on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a research note on Friday, February 20th. Oppenheimer reduced their target price on shares of Veeva Systems from $325.00 to $275.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Finally, KeyCorp restated a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. Seventeen 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $283.70.

Veeva Systems Trading Up 0.3%

Shares of VEEV stock opened at $196.13 on Monday. The stock has a market capitalization of $32.24 billion, a price-to-earnings ratio of 36.25, a price-to-earnings-growth ratio of 1.35 and a beta of 1.09. Veeva Systems has a 12-month low of $168.13 and a 12-month high of $310.50. The stock’s 50-day moving average price is $202.90 and its 200-day moving average price is $246.30.

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

Veeva Systems announced that its board has authorized a stock buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Veeva Systems

In related 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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of VEEV. Jensen Investment Management Inc. grew its stake in shares of Veeva Systems by 1,924.5% during the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after buying an additional 392,802 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Veeva Systems by 11.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after acquiring an additional 388,864 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $422,241,000. Compass Wealth Management LLC purchased a new position in Veeva Systems during the 3rd quarter valued at $18,694,000. Finally, ABN AMRO Bank N.V. purchased a new position in Veeva Systems during the 3rd quarter valued at $246,625,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Company Profile

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.