Veeva Systems' (VEEV) Hold (C+) Rating Reaffirmed at Weiss Ratings

Key Points

• Veeva Systems' stock received a "hold (C+)" rating from Weiss Ratings, while other analysts have given varying ratings and price target adjustments, with an average target price of $307.58.
• The stock traded down 1.4%, reaching a price of $302.06, with a market cap of $49.51 billion and a P/E ratio of 62.10.
• Insider selling activity includes SVP Jonathan Faddis selling 14,595 shares, indicating a 62.96% reduction in his stake, amidst the ownership of insiders being at 10.30% of the company's stock.

Veeva Systems (NYSE:VEEV - Get Free Report)'s stock had its "hold (c+)" rating reiterated by equities researchers at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other equities research analysts also recently issued reports about the stock. KeyCorp raised their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Morgan Stanley raised their price target on shares of Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a research note on Thursday, August 28th. Mizuho raised their price target on shares of Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wall Street Zen downgraded shares of Veeva Systems from a "buy" rating to a "hold" rating in a research note on Friday, October 3rd. Finally, Needham & Company LLC raised their price target on shares of Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $307.58.

Veeva Systems Trading Down 1.4%

Veeva Systems stock traded down $4.16 during trading hours on Wednesday, reaching $302.06. 1,052,258 shares of the stock were exchanged, compared to its average volume of 1,330,210. The company has a market cap of $49.51 billion, a P/E ratio of 62.10, a price-to-earnings-growth ratio of 2.32 and a beta of 0.98. Veeva Systems has a twelve month low of $201.54 and a twelve month high of $310.50. The stock has a 50 day moving average of $282.21 and a two-hundred day moving average of $263.86.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 14,595 shares of the business's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the transaction, the senior vice president directly owned 8,588 shares of the company's stock, valued at approximately $2,576,400. The trade was a 62.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 3,350 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the transaction, the insider directly owned 23,773 shares in the company, valued at $7,132,850.92. This trade represents a 12.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,385 shares of company stock worth $5,803,927 over the last ninety days. Insiders own 10.30% of the company's stock.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently modified their holdings of the stock. Abound Financial LLC purchased a new stake in Veeva Systems in the first quarter worth approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $26,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Veeva Systems during the second quarter valued at approximately $29,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Finally, Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $32,000. 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.

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