StockNews.com Downgrades Veeva Systems (NYSE:VEEV) to Hold

Veeva Systems (NYSE:VEEV - Get Free Report) was downgraded by equities researchers at StockNews.com from a "buy" rating to a "hold" rating in a report released on Thursday.

A number of other analysts have also issued reports on VEEV. Needham & Company LLC reissued a "buy" rating and issued a $270.00 price target on shares of Veeva Systems in a research note on Friday, January 17th. Citigroup raised their target price on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Scotiabank upped their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a "sector perform" rating in a research report on Friday, December 6th. Royal Bank of Canada lifted their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Finally, KeyCorp dropped their price objective on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $253.96.

Veeva Systems Price Performance

VEEV traded up $0.18 during trading on Thursday, hitting $237.38. The company's stock had a trading volume of 649,072 shares, compared to its average volume of 1,002,651. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The firm's 50 day moving average price is $224.48 and its 200-day moving average price is $214.76. The stock has a market cap of $38.54 billion, a PE ratio of 58.61, a PEG ratio of 1.97 and a beta of 0.85.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

Hedge funds have recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after buying an additional 50 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Veeva Systems during the third quarter worth $26,000. Smithfield Trust Co boosted its holdings in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares during the period. Finally, True Wealth Design LLC increased its stake in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after purchasing an additional 135 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.