Veeva Systems (NYSE:VEEV) Lowered to “Sell” Rating by The Goldman Sachs Group

Veeva Systems (NYSE:VEEV) was downgraded by equities research analysts at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a report released on Thursday, Marketbeat reports. They presently have a $200.00 target price on the technology company’s stock, down from their prior target price of $261.00. The Goldman Sachs Group’s price objective would suggest a potential downside of 12.68% from the company’s previous close.

Several other equities analysts have also recently weighed in on VEEV. Truist Financial cut their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th. Stephens assumed coverage on Veeva Systems in a report on Friday, December 20th. They set an “overweight” rating and a $280.00 price target for the company. Canaccord Genuity Group raised their price target on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective for the company. Finally, Royal Bank of Canada raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

Veeva Systems Price Performance

NYSE VEEV opened at $229.05 on Thursday. The stock has a market capitalization of $37.19 billion, a PE ratio of 56.56, a P/E/G ratio of 1.96 and a beta of 0.84. The business has a 50 day simple moving average of $221.55 and a two-hundred day simple moving average of $210.52. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $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 currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in VEEV. Massachusetts Financial Services Co. MA grew its stake in 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 worth $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp grew its stake in Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after buying an additional 47,872 shares during the last quarter. FMR LLC grew its stake in Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after buying an additional 610,021 shares during the last quarter. Geode Capital Management LLC grew its stake in Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after buying an additional 1,081,501 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other 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.