Veeva Systems (NYSE:VEEV) Downgraded by Zacks Research to “Hold”

Veeva Systems (NYSE:VEEV) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research firms have also weighed in on VEEV. Barclays reduced their target price on Veeva Systems from $305.00 to $250.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 25th. Oppenheimer cut their price target on Veeva Systems from $325.00 to $275.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 24th. Truist Financial restated a “buy” rating and set a $262.00 price target (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. Morgan Stanley raised their price target on Veeva Systems from $205.00 to $215.00 and gave the company an “equal weight” rating in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. cut their price target on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Sixteen analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $278.70.

Veeva Systems Stock Up 1.8%

VEEV stock opened at $159.03 on Thursday. The business’s fifty day simple moving average is $171.47 and its two-hundred day simple moving average is $208.80. Veeva Systems has a twelve month low of $148.05 and a twelve month high of $310.50. The firm has a market cap of $25.98 billion, a price-to-earnings ratio of 29.40, a PEG ratio of 0.70 and a beta of 0.92.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The business had revenue of $835.95 million for the quarter, compared to analyst estimates of $810.95 million. During the same quarter last year, the firm posted $1.74 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Research analysts expect that Veeva Systems will post 6.41 EPS for the current year.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the sale, the director owned 3,253 shares of the company’s stock, valued at $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently added to or reduced their stakes in the stock. GPS Wealth Strategies Group LLC boosted its position in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares in the last quarter. SHP Wealth Management bought a new stake in Veeva Systems during the fourth quarter valued at about $26,000. Board of the Pension Protection Fund bought a new stake in Veeva Systems during the fourth quarter valued at about $27,000. Raiffeisen Bank International AG bought a new stake in Veeva Systems during the third quarter valued at about $28,000. Finally, Newbridge Financial Services Group Inc. boosted its position in Veeva Systems by 322.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.