Veeva Systems (NYSE:VEEV) Stock Price Down 2.8% - Should You Sell?

Veeva Systems Inc. (NYSE:VEEV - Get Free Report)'s stock price traded down 2.8% during trading on Tuesday . The stock traded as low as $218.65 and last traded at $218.68. 158,028 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 990,686 shares. The stock had previously closed at $224.89.

Analysts Set New Price Targets

Several research analysts have recently weighed in on VEEV shares. Citigroup upped their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Guggenheim raised their price target on Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a report on Tuesday, October 1st. BNP Paribas initiated coverage on Veeva Systems in a report on Tuesday, October 8th. They set an "outperform" rating and a $286.00 price objective for the company. Stephens started coverage on shares of Veeva Systems in a research note on Friday. They issued an "overweight" rating and a $280.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $257.44.

Veeva Systems Stock Down 3.3 %

The firm's fifty day moving average is $223.28 and its two-hundred day moving average is $205.84. The firm has a market cap of $35.30 billion, a P/E ratio of 53.69, a PEG ratio of 2.03 and a beta of 0.82.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the 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 in the company, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Several large investors have recently bought and sold shares of VEEV. State of Michigan Retirement System grew its position in Veeva Systems by 28.6% in the 2nd quarter. State of Michigan Retirement System now owns 1,800 shares of the technology company's stock worth $329,000 after purchasing an additional 400 shares during the period. Atomi Financial Group Inc. boosted its position in Veeva Systems by 13.3% in the second quarter. Atomi Financial Group Inc. now owns 2,999 shares of the technology company's stock worth $549,000 after purchasing an additional 353 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Veeva Systems by 24.9% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,876 shares of the technology company's stock valued at $1,258,000 after purchasing an additional 1,370 shares during the period. 1834 Investment Advisors Co. increased its position in shares of Veeva Systems by 22.4% during the 2nd quarter. 1834 Investment Advisors Co. now owns 2,515 shares of the technology company's stock valued at $460,000 after purchasing an additional 460 shares during the last quarter. Finally, Liberty Capital Management Inc. lifted its stake in shares of Veeva Systems by 18.0% in the 2nd quarter. Liberty Capital Management Inc. now owns 5,840 shares of the technology company's stock worth $1,069,000 after purchasing an additional 890 shares during the period. 88.20% of the stock is currently owned by institutional investors.

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.