The Goldman Sachs Group Downgrades Veeva Systems (NYSE:VEEV) to Sell

Veeva Systems (NYSE:VEEV) was downgraded by equities research analysts at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a research note issued on Thursday, Marketbeat reports. They currently have a $200.00 price target on the technology company’s stock, down from their prior price target of $261.00. The Goldman Sachs Group’s price target would suggest a potential downside of 10.46% from the company’s previous close.

Several other brokerages have also issued reports on VEEV. KeyCorp cut their target price on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Stephens initiated coverage on Veeva Systems in a report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective for the company. Stifel Nicolaus raised their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Friday, January 17th. Finally, Guggenheim lifted their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $223.37 on Thursday. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a market cap of $36.26 billion, a PE ratio of 55.15, a PEG ratio of 2.01 and a beta of 0.84. The company has a 50 day simple moving average of $221.43 and a two-hundred day simple moving average of $210.60.

Insider Activity

In related news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following 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. 10.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in Veeva Systems by 26.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 378,380 shares of the technology company’s stock valued at $69,259,000 after purchasing an additional 78,654 shares during the last quarter. Amalgamated Bank grew its holdings in shares of Veeva Systems by 2.1% during the second quarter. Amalgamated Bank now owns 9,968 shares of the technology company’s stock valued at $1,824,000 after buying an additional 201 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Veeva Systems by 31.4% during the second quarter. Pacer Advisors Inc. now owns 5,688 shares of the technology company’s stock valued at $1,041,000 after buying an additional 1,359 shares during the last quarter. Bank of Montreal Can increased its position in shares of Veeva Systems by 272.7% during 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 in the last quarter. Finally, Marshall Wace LLP purchased a new position in Veeva Systems in the 2nd quarter worth approximately $21,769,000. 88.20% of the stock is currently owned by 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.