The Goldman Sachs Group Downgrades Veeva Systems (NYSE:VEEV) to Sell

Veeva Systems (NYSE:VEEV) was downgraded by analysts at The Goldman Sachs Group from a “buy” rating to a “sell” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $200.00 target price on the technology company’s stock, down from their prior target price of $261.00. The Goldman Sachs Group’s price target suggests a potential downside of 12.68% from the stock’s current price.

Several other research firms also recently weighed in on VEEV. Truist Financial dropped their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. Stifel Nicolaus boosted their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a report on Friday, December 6th. Bank of America boosted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a report on Friday, December 6th. KeyCorp decreased their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, Stephens assumed coverage on Veeva Systems in a report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems Stock Performance

Veeva Systems stock opened at $229.05 on Thursday. The business’s 50-day simple moving average is $221.55 and its two-hundred day simple moving average is $210.52. The company has a market cap of $37.19 billion, a PE ratio of 56.56, a PEG ratio of 1.96 and a beta of 0.84. Veeva Systems has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Insiders Place Their Bets

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

Institutional Trading of Veeva Systems

Institutional investors have recently bought and sold shares of the business. General American Investors Co. Inc. acquired a new stake in shares of Veeva Systems during the third quarter worth about $5,133,000. Toronto Dominion Bank increased its position in shares of 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 acquired a new stake in shares of Veeva Systems during the third quarter worth about $712,000. Principal Financial Group Inc. increased its position in shares of 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 worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after purchasing an additional 2,733 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.