Veeva Systems (NYSE:VEEV) Downgraded by Zacks Research to “Hold”

Veeva Systems (NYSE:VEEV) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lowered their price target on Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Morgan Stanley raised their price target on Veeva Systems from $205.00 to $215.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Piper Sandler lowered their price target on Veeva Systems from $355.00 to $285.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Royal Bank Of Canada lowered their price target on Veeva Systems from $330.00 to $275.00 and set an “outperform” rating for the company in a report on Thursday, March 5th. Finally, William Blair reaffirmed an “outperform” rating on shares of Veeva Systems in a report on Tuesday, March 10th. Sixteen investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.70.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $159.03 on Thursday. The company has a market cap of $25.98 billion, a PE ratio of 29.40, a P/E/G ratio of 0.70 and a beta of 0.92. The business has a 50-day simple moving average of $171.47 and a two-hundred day simple moving average of $208.80. Veeva Systems has a fifty-two week low of $148.05 and a fifty-two week high of $310.50.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.12. The business had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company earned $1.74 earnings per share. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. On average, sell-side analysts predict that Veeva Systems will post 6.41 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the sale, the director owned 3,253 shares of the company’s stock, valued at $506,296.92. The trade was a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Norges Bank purchased a new position in Veeva Systems during the fourth quarter valued at approximately $332,412,000. Alphinity Investment Management Pty Ltd purchased a new position in Veeva Systems during the third quarter valued at approximately $422,241,000. Durable Capital Partners LP purchased a new position in Veeva Systems during the second quarter valued at approximately $281,351,000. ABN AMRO Bank N.V. purchased a new position in Veeva Systems during the third quarter valued at approximately $246,625,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Veeva Systems by 203.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after acquiring an additional 611,868 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.