Veeva Systems (NYSE:VEEV) Stock Rating Lowered by StockNews.com

Veeva Systems (NYSE:VEEV) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company boosted their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Citigroup upped their price objective on Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Bank of America lifted their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Stephens assumed coverage on shares of Veeva Systems in a research report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price target for the company. Finally, Robert W. Baird lifted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $223.37 on Thursday. The company’s 50 day moving average price is $221.43 and its two-hundred day moving average price is $210.60. The firm has a market capitalization of $36.26 billion, a P/E ratio of 55.15, a P/E/G ratio of 2.01 and a beta of 0.84. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of VEEV. Dimensional Fund Advisors LP raised its position in shares of Veeva Systems by 26.2% in the second quarter. Dimensional Fund Advisors LP now owns 378,380 shares of the technology company’s stock worth $69,259,000 after buying an additional 78,654 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Veeva Systems by 2.1% during the 2nd quarter. Amalgamated Bank now owns 9,968 shares of the technology company’s stock worth $1,824,000 after acquiring an additional 201 shares during the last quarter. Pacer Advisors Inc. grew its position in Veeva Systems by 31.4% in the second quarter. Pacer Advisors Inc. now owns 5,688 shares of the technology company’s stock worth $1,041,000 after acquiring an additional 1,359 shares in the last quarter. Bank of Montreal Can increased its stake in Veeva Systems by 272.7% in the second quarter. Bank of Montreal Can now owns 152,697 shares of the technology company’s stock valued at $28,463,000 after acquiring an additional 111,724 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Veeva Systems during the second quarter valued at about $21,769,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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.