KeyCorp Lowers Veeva Systems (NYSE:VEEV) Price Target to $255.00

Veeva Systems (NYSE:VEEV) had its target price lowered by KeyCorp from $285.00 to $255.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. KeyCorp’s price objective would suggest a potential upside of 17.22% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on VEEV. BNP Paribas assumed coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. Truist Financial restated a “hold” rating and set a $261.00 price target (up from $207.00) on shares of Veeva Systems in a research report on Friday, December 6th. Piper Sandler boosted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Citigroup upped their target price on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Robert W. Baird lifted their price target on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the company’s stock. According to MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $257.63.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded up $5.81 during trading hours on Wednesday, reaching $217.54. The company had a trading volume of 977,818 shares, compared to its average volume of 888,401. Veeva Systems has a one year low of $170.25 and a one year high of $258.93. The firm has a market cap of $35.32 billion, a PE ratio of 53.71, a price-to-earnings-growth ratio of 2.03 and a beta of 0.84. The business has a fifty day simple moving average of $222.63 and a 200 day simple moving average of $208.10.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of institutional investors have recently bought and sold shares of the company. General American Investors Co. Inc. acquired a new stake in Veeva Systems during the third quarter worth $5,133,000. Toronto Dominion Bank lifted its stake in Veeva Systems by 39.1% during the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after purchasing an additional 5,673 shares in the last quarter. Procyon Advisors LLC purchased a new stake in shares of Veeva Systems in the 3rd quarter valued at $712,000. Principal Financial Group Inc. lifted its stake in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Veeva Systems by 3.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after acquiring an additional 2,733 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

About Veeva Systems

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.