Veeva Systems (NYSE:VEEV) Stock Rating Upgraded by StockNews.com

Veeva Systems (NYSE:VEEV) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Monday.

Several other brokerages also recently commented on VEEV. The Goldman Sachs Group downgraded Veeva Systems from a “buy” rating to a “sell” rating and cut their target price for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Piper Sandler lifted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Truist Financial dropped their target price on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 price objective on shares of Veeva Systems in a report on Friday, January 17th. Finally, Mizuho initiated coverage on Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $253.96.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $0.06 during mid-day trading on Monday, hitting $234.09. 853,426 shares of the stock traded hands, compared to its average volume of 1,002,875. The stock has a fifty day moving average price of $224.48 and a 200-day moving average price of $216.29. The company has a market cap of $38.00 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Veeva Systems

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Cardinal Capital Management increased its position in shares of Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after buying an additional 44 shares in the last quarter. Johnson Financial Group Inc. grew its stake in Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after acquiring an additional 44 shares during the period. Patriot Financial Group Insurance Agency LLC increased its holdings in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after acquiring an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after acquiring an additional 50 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

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.