Veeva Systems (NYSE:VEEV) Price Target Lowered to $250.00 at KeyCorp

Veeva Systems (NYSE:VEEV) had its price target lowered by KeyCorp from $260.00 to $250.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price target suggests a potential upside of 12.46% from the company’s previous close.

Several other equities research analysts have also commented on VEEV. Robert W. Baird raised their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Stephens restated an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley boosted their price target on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. JPMorgan Chase & Co. raised their price target on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a report on Thursday, March 20th. Finally, Scotiabank upped their price objective 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $256.32.

Veeva Systems Stock Performance

Veeva Systems stock opened at $222.30 on Wednesday. Veeva Systems has a one year low of $170.25 and a one year high of $258.93. The company has a 50-day simple moving average of $228.44 and a 200-day simple moving average of $223.27. The firm has a market capitalization of $36.17 billion, a P/E ratio of 54.89, a P/E/G ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on 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 directly owns 8,668 shares of the company’s stock, valued at $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 in the last three months. 10.50% of the stock is currently owned by company insiders.

Institutional Trading of Veeva Systems

Several hedge funds and other institutional investors have recently modified their holdings of VEEV. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Barclays PLC raised its position in Veeva Systems by 18.2% during the third quarter. Barclays PLC now owns 185,206 shares of the technology company’s stock valued at $38,870,000 after acquiring an additional 28,497 shares in the last quarter. Tudor Financial Inc. acquired a new stake in Veeva Systems in the third quarter valued at approximately $265,000. Sanctuary Advisors LLC grew its position in Veeva Systems by 19.7% in the third quarter. Sanctuary Advisors LLC now owns 7,335 shares of the technology company’s stock worth $1,589,000 after acquiring an additional 1,206 shares in the last quarter. Finally, World Investment Advisors LLC acquired a new position in shares of Veeva Systems during the 3rd quarter worth $2,131,000. 88.20% of the stock is currently 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.