Veeva Systems (NYSE:VEEV) Shares Gap Down – Here’s What Happened

Shares of Veeva Systems Inc. (NYSE:VEEV) gapped down prior to trading on Thursday . The stock had previously closed at $229.07, but opened at $213.85. Veeva Systems shares last traded at $217.97, with a volume of 385,681 shares trading hands.

Analysts Set New Price Targets

VEEV has been the subject of several recent analyst reports. Evercore ISI raised their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Stifel Nicolaus raised their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and reduced their price objective for the company from $261.00 to $200.00 in a research note on Thursday. Morgan Stanley raised their price objective on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research note on Tuesday, December 17th. Finally, BNP Paribas started coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Trading Down 2.4 %

The company has a market cap of $36.29 billion, a PE ratio of 55.13, a P/E/G ratio of 1.96 and a beta of 0.84. The business has a fifty day moving average of $221.55 and a 200-day moving average of $210.52.

Insider Activity at Veeva Systems

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 the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Several hedge funds and other institutional investors have recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the 3rd quarter worth $26,000. True Wealth Design LLC increased its stake in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after buying an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems in the 4th quarter worth $31,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Veeva Systems in the 3rd quarter worth $49,000. 88.20% of the stock is 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.