Veeva Systems (NYSE:VEEV) Shares Gap Down – Here’s What Happened

Veeva Systems Inc. (NYSE:VEEV)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $229.07, but opened at $213.85. Veeva Systems shares last traded at $217.97, with a volume of 385,681 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VEEV. Stifel Nicolaus boosted their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Citigroup lifted their price objective on Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a report on Monday, December 9th. Wells Fargo & Company lifted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a report on Friday, January 17th. Finally, KeyCorp cut their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

The firm has a market capitalization of $36.29 billion, a price-to-earnings ratio of 55.13, a price-to-earnings-growth ratio of 1.96 and a beta of 0.84. The business has a fifty day moving average of $221.55 and a two-hundred day moving average of $210.52.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Institutional Trading of Veeva Systems

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in Veeva Systems by 26.2% in the second quarter. Dimensional Fund Advisors LP now owns 378,380 shares of the technology company’s stock valued at $69,259,000 after purchasing an additional 78,654 shares during the last quarter. Amalgamated Bank raised its position in Veeva Systems by 2.1% in the second quarter. Amalgamated Bank now owns 9,968 shares of the technology company’s stock valued at $1,824,000 after purchasing an additional 201 shares during the last quarter. Pacer Advisors Inc. raised its position in Veeva Systems by 31.4% in the second quarter. Pacer Advisors Inc. now owns 5,688 shares of the technology company’s stock valued at $1,041,000 after purchasing an additional 1,359 shares during the last quarter. Summit Trail Advisors LLC raised its position in Veeva Systems by 7.4% in the second quarter. Summit Trail Advisors LLC now owns 1,123 shares of the technology company’s stock valued at $206,000 after purchasing an additional 77 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Veeva Systems by 272.7% in the second quarter. Bank of Montreal Can now owns 152,697 shares of the technology company’s stock valued at $28,463,000 after buying an additional 111,724 shares during the period. 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.