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

Veeva Systems (NYSE:VEEV) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

VEEV has been the topic of a number of other reports. Needham & Company LLC restated a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley increased their price target on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research note on Tuesday, December 17th. Stifel Nicolaus boosted their price objective on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Barclays upped their target price on Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

Veeva Systems Stock Down 0.9 %

NYSE:VEEV opened at $237.16 on Thursday. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The stock’s 50-day simple moving average is $224.30 and its 200 day simple moving average is $214.01. The firm has a market capitalization of $38.50 billion, a PE ratio of 58.56, a price-to-earnings-growth ratio of 2.05 and a beta of 0.85.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently made changes to their positions in VEEV. Sequoia Financial Advisors LLC grew its stake in shares of Veeva Systems by 7.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 17,676 shares of the technology company’s stock valued at $3,716,000 after buying an additional 1,227 shares during the period. Wealthfront Advisers LLC boosted its holdings in Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after acquiring an additional 1,045,188 shares in the last quarter. Clare Market Investments LLC acquired a new stake in Veeva Systems in the fourth quarter valued at approximately $296,000. Independent Advisor Alliance increased its holdings in shares of Veeva Systems by 4.3% during the fourth quarter. Independent Advisor Alliance now owns 2,181 shares of the technology company’s stock valued at $459,000 after acquiring an additional 89 shares in the last quarter. Finally, Gallagher Capital Advisors LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $1,259,000. Institutional investors and hedge funds 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.