KeyCorp Lowers Veeva Systems (NYSE:VEEV) Price Target to $250.00

Veeva Systems (NYSE:VEEV) had its target price reduced by investment analysts at KeyCorp from $260.00 to $250.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would indicate a potential upside of 15.88% from the stock’s current price.

A number of other brokerages have also issued reports on VEEV. Robert W. Baird upped their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Scotiabank increased their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley raised their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $256.32.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $215.73 on Wednesday. The firm has a market capitalization of $35.10 billion, a price-to-earnings ratio of 53.27, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The business’s 50 day moving average price is $227.68 and its 200-day moving average price is $223.29. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,192,565. This trade represents a 41.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at $1,960,701.60. This represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,869 shares of company stock valued at $1,284,917. Insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

Several institutional investors have recently added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems in the 4th quarter worth approximately $685,355,000. Norges Bank acquired a new stake in shares of Veeva Systems in the fourth quarter valued at $294,785,000. Principal Financial Group Inc. boosted its stake in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in shares of Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after acquiring an additional 1,045,188 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

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.