KeyCorp Has Lowered Expectations for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV - Free Report) had its price objective trimmed by KeyCorp from $260.00 to $250.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the technology company's stock.

VEEV has been the topic of several other reports. Truist Financial boosted their price target on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Morgan Stanley boosted their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research note on Thursday, March 6th. Scotiabank lifted their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Robert W. Baird lifted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $256.32.

Veeva Systems Stock Down 2.2 %

Shares of NYSE:VEEV traded down $4.93 during trading on Wednesday, hitting $215.73. 1,195,499 shares of the company were exchanged, compared to its average volume of 1,064,779. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a market capitalization of $35.10 billion, a P/E ratio of 53.27, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The business's 50 day moving average is $227.31 and its 200-day moving average is $223.35.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last three months. 10.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cardinal Capital Management lifted its holdings in Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company's stock valued at $3,307,000 after acquiring an additional 44 shares during the period. Johnson Financial Group Inc. boosted its holdings in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after buying an additional 44 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after buying an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC increased its holdings in Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company's stock valued at $1,467,000 after buying an additional 51 shares during the last quarter. Finally, CHICAGO TRUST Co NA increased its holdings in Veeva Systems by 2.9% during the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock valued at $395,000 after buying an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Company Profile

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.