Veeva Systems (NYSE:VEEV) Price Target Cut to $250.00 by Analysts at KeyCorp

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

A number of other analysts have also recently commented on VEEV. 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. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Robert W. Baird upped their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Scotiabank raised their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Finally, Truist Financial increased their price target on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $256.32.

Veeva Systems Price Performance

Veeva Systems stock traded down $6.13 during mid-day trading on Wednesday, reaching $209.82. 547,237 shares of the company traded hands, compared to its average volume of 1,064,098. The firm's fifty day moving average is $227.31 and its two-hundred day moving average is $223.59. The company has a market capitalization of $34.14 billion, a price-to-earnings ratio of 51.81, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock worth $1,284,917. 10.50% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in VEEV. Principal Financial Group Inc. increased its stake in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Smith Group Asset Management LLC raised its holdings in Veeva Systems by 2.2% in the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after buying an additional 1,749 shares during the period. Everence Capital Management Inc. acquired a new position in Veeva Systems in the fourth quarter valued at about $816,000. Venturi Wealth Management LLC boosted its stake in Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after buying an additional 163 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Veeva Systems by 21.6% in the 4th quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock valued at $55,073,000 after acquiring an additional 46,440 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

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.