Veeva Systems (NYSE:VEEV) Rating Lowered to Hold at StockNews.com

Veeva Systems (NYSE:VEEV) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Friday.

A number of other equities analysts have also weighed in on the stock. Barclays lifted their price target on shares of Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Guggenheim raised their price objective on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Raymond James raised their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a report on Thursday, August 29th. Finally, Truist Financial boosted their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $232.87.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $212.78 on Friday. The firm has a market capitalization of $34.46 billion, a price-to-earnings ratio of 56.74, a price-to-earnings-growth ratio of 2.03 and a beta of 0.81. Veeva Systems has a 12 month low of $162.72 and a 12 month high of $236.90. The business’s 50 day simple moving average is $212.62 and its 200-day simple moving average is $199.03.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, equities analysts anticipate that Veeva Systems will post 4.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the period. Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after buying an additional 991,208 shares in the last quarter. Swedbank AB acquired a new stake in Veeva Systems during the 1st quarter valued at $227,673,000. Matrix Capital Management Company LP increased its stake in shares of Veeva Systems by 635.4% in the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after buying an additional 430,989 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after acquiring an additional 281,993 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

About Veeva Systems

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.