KeyCorp Cuts Veeva Systems (NYSE:VEEV) Price Target to $255.00

Veeva Systems (NYSE:VEEV) had its price target decreased by analysts at KeyCorp from $285.00 to $255.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective points to a potential upside of 17.22% from the stock’s current price.

A number of other research firms have also recently commented on VEEV. Evercore ISI boosted their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. Guggenheim upped their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. Stifel Nicolaus increased their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial reiterated a “hold” rating and set a $261.00 target price (up previously from $207.00) on shares of Veeva Systems in a report on Friday, December 6th. Finally, Stephens started coverage on shares of Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $257.63.

Veeva Systems Price Performance

Shares of VEEV stock traded up $5.81 on Wednesday, hitting $217.54. 977,818 shares of the stock traded hands, compared to its average volume of 888,401. The firm has a market cap of $35.32 billion, a price-to-earnings ratio of 53.71, a PEG ratio of 2.03 and a beta of 0.84. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The firm has a 50 day simple moving average of $222.63 and a two-hundred day simple moving average of $208.10.

Insider Activity

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

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently modified their holdings of VEEV. Massachusetts Financial Services Co. MA increased its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. grew its position 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 valued at $457,366,000 after acquiring an additional 1,267,061 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC lifted its stake in Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Veeva Systems by 761.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after purchasing an additional 263,214 shares during the period. 88.20% of the stock is owned by 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.