Wall Street Zen Downgrades Veeva Systems (NYSE:VEEV) to Hold

Key Points

• Wall Street Zen has downgraded Veeva Systems from a "buy" rating to a "hold," reflecting a shift in analyst sentiment towards the stock.
• Despite the downgrade, several other analysts have raised their price targets for Veeva Systems, indicating ongoing interest, with a consensus price target of $303.67.
• The stock traded down 1.4% on Friday, reaching $296.47, amid high trading volume of over 1.8 million shares.

Veeva Systems (NYSE:VEEV - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Friday.

Several other analysts have also weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Needham & Company LLC lifted their price objective 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. Evercore ISI lifted their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research note on Thursday, August 28th. KeyCorp lifted their price objective 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. Finally, Truist Financial lifted their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Sixteen equities research 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, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $303.67.

Veeva Systems Stock Down 1.4%

Veeva Systems stock traded down $4.32 during mid-day trading on Friday, hitting $296.47. 1,845,540 shares of the stock were exchanged, compared to its average volume of 1,301,481. Veeva Systems has a 12 month low of $200.30 and a 12 month high of $302.00. The firm's fifty day simple moving average is $281.68 and its two-hundred day simple moving average is $262.76. The stock has a market capitalization of $48.60 billion, a price-to-earnings ratio of 60.88, a PEG ratio of 2.32 and a beta of 0.98.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 3,350 shares of Veeva Systems stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the transaction, the insider directly owned 23,773 shares of the company's stock, valued at $7,132,850.92. The trade was a 12.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the transaction, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,836 shares of company stock valued at $5,637,913 in the last three months. 10.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Aaron Wealth Advisors LLC boosted its holdings in shares of Veeva Systems by 9.9% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 955 shares of the technology company's stock worth $285,000 after buying an additional 86 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Veeva Systems by 11.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,486 shares of the technology company's stock worth $741,000 after buying an additional 254 shares during the last quarter. Praxis Investment Management Inc. boosted its holdings in shares of Veeva Systems by 33.0% in the 3rd quarter. Praxis Investment Management Inc. now owns 5,213 shares of the technology company's stock worth $1,553,000 after buying an additional 1,293 shares during the last quarter. National Wealth Management Group LLC boosted its holdings in shares of Veeva Systems by 42.7% in the 2nd quarter. National Wealth Management Group LLC now owns 2,739 shares of the technology company's stock worth $789,000 after buying an additional 820 shares during the last quarter. Finally, Canal Capital Management LLC purchased a new position in shares of Veeva Systems in the 2nd quarter worth about $230,000. 88.20% of the stock is owned by hedge funds and other 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.

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