Veeva Systems (NYSE:VEEV) Downgraded by Wall Street Zen to Hold

Wall Street Zen cut shares of Veeva Systems (NYSE:VEEV) from a buy rating to a hold rating in a report released on Sunday.

A number of other analysts have also commented on VEEV. Piper Sandler reduced their price target on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. Truist Financial restated a “buy” rating and issued a $262.00 target price (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. William Blair reiterated an “outperform” rating on shares of Veeva Systems in a research note on Tuesday, March 10th. Stifel Nicolaus increased their price target on Veeva Systems from $212.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Finally, JPMorgan Chase & Co. dropped their price target on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $283.70.

Veeva Systems Trading Down 0.8%

Veeva Systems stock opened at $184.16 on Friday. Veeva Systems has a 12 month low of $168.13 and a 12 month high of $310.50. The stock has a fifty day simple moving average of $194.75 and a two-hundred day simple moving average of $240.34. The firm has a market cap of $30.27 billion, a price-to-earnings ratio of 34.04, a PEG ratio of 1.22 and a beta of 1.09.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 14.11% and a net margin of 28.44%.The firm had revenue of $835.95 million for the quarter, compared to the consensus estimate of $810.95 million. During the same period in the prior year, the company posted $1.74 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. 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, equities research analysts forecast that Veeva Systems will post 4.35 EPS for the current fiscal year.

Veeva Systems declared that its board has authorized a stock buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider owned 23,204 shares in the company, valued at $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 10.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in VEEV. Jensen Investment Management Inc. boosted its stake in shares of Veeva Systems by 1,924.5% in the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock worth $123,100,000 after acquiring an additional 392,802 shares during the period. Principal Financial Group Inc. raised its stake in Veeva Systems by 11.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock valued at $1,146,040,000 after purchasing an additional 388,864 shares during the period. Alphinity Investment Management Pty Ltd bought a new stake in Veeva Systems during the 3rd quarter valued at approximately $422,241,000. Compass Wealth Management LLC purchased a new position in Veeva Systems in the 3rd quarter worth approximately $18,694,000. Finally, ABN AMRO Bank N.V. purchased a new position in Veeva Systems in the 3rd quarter worth approximately $246,625,000. 88.20% of the stock is currently owned by institutional investors.

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.