Veeva Systems (NYSE:VEEV) Price Target Cut to $235.00

Veeva Systems (NYSE:VEEVGet Free Report) had its price objective reduced by equities researchers at Piper Sandler from $245.00 to $235.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price target suggests a potential upside of 34.86% from the company’s previous close.

Other research analysts have also recently issued reports about the company. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. The Goldman Sachs Group raised their price objective on Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Barclays raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Veeva Systems in a research note on Thursday, February 22nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $228.65.

Read Our Latest Report on Veeva Systems

Veeva Systems Stock Down 10.3 %

VEEV opened at $174.25 on Friday. The stock has a market cap of $28.11 billion, a PE ratio of 51.40, a P/E/G ratio of 1.86 and a beta of 0.76. Veeva Systems has a 52 week low of $162.36 and a 52 week high of $236.90. The business’s fifty day simple moving average is $207.64 and its 200 day simple moving average is $204.06.

Veeva Systems (NYSE:VEEVGet Free Report) last released its earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 13.10% and a net margin of 22.34%. The business had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. As a group, equities analysts anticipate that Veeva Systems will post 4.11 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares of the company’s stock, valued at $2,212,756.56. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock worth $4,818,013 over the last three months. Company insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Large investors have recently made changes to their positions in the business. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $28,000. Operose Advisors LLC purchased a new position in shares of Veeva Systems during the third quarter valued at approximately $29,000. DSM Capital Partners LLC purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $29,000. First Financial Corp IN purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $35,000. Finally, Larson Financial Group LLC lifted its holdings in shares of Veeva Systems by 1,153.8% during the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

(Get Free Report)

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.

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Analyst Recommendations for Veeva Systems (NYSE:VEEV)

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