Veeva Systems (NYSE:VEEV) Price Target Cut to $319.00 by Analysts at Citigroup

Veeva Systems (NYSE:VEEV) had its price objective cut by analysts at Citigroup from $349.00 to $319.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective points to a potential upside of 32.98% from the stock’s current price.

A number of other equities research analysts have also recently commented on VEEV. BTIG Research reissued a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a report on Friday. Wells Fargo & Company increased their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an “overweight” rating in a research report on Tuesday, August 26th. Piper Sandler boosted their target price on Veeva Systems from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. Needham & Company LLC reiterated a “buy” rating and set a $355.00 price objective on shares of Veeva Systems in a research report on Friday. Finally, Mizuho upped their target price on Veeva Systems from $295.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, August 29th. Eighteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $305.62.

Veeva Systems Stock Down 1.7%

VEEV traded down $4.18 during mid-day trading on Monday, reaching $239.88. 1,402,090 shares of the company traded hands, compared to its average volume of 1,306,579. The company’s fifty day moving average price is $287.74 and its 200-day moving average price is $279.13. The stock has a market capitalization of $39.32 billion, a P/E ratio of 49.30, a P/E/G ratio of 2.22 and a beta of 0.98. Veeva Systems has a 52-week low of $201.54 and a 52-week high of $310.50.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.09. Veeva Systems had a net margin of 27.29% and a return on equity of 13.72%. The business had revenue of $811.24 million for the quarter, compared to analysts’ expectations of $792.37 million. During the same quarter last year, the company posted $1.75 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2026 guidance at 7.930-7.93 EPS. Q4 2026 guidance at 1.920-1.920 EPS. As a group, sell-side analysts forecast that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 3,350 shares of Veeva Systems stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the transaction, the insider directly owned 23,773 shares of the company’s stock, valued at $7,132,850.92. The trade was a 12.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eleni Nitsa Zuppas sold 6,000 shares of the company’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $306.62, for a total transaction of $1,839,720.00. Following the completion of the transaction, the insider owned 25,325 shares of the company’s stock, valued at approximately $7,765,151.50. This trade represents a 19.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 24,665 shares of company stock valued at $7,438,000 over the last 90 days. Insiders own 10.30% of the company’s stock.

Institutional Trading of Veeva Systems

Institutional investors have recently made changes to their positions in the company. Nuveen LLC acquired a new position in Veeva Systems during the first quarter worth $365,684,000. Alphinity Investment Management Pty Ltd acquired a new stake in Veeva Systems in the 3rd quarter valued at approximately $422,241,000. Norges Bank purchased a new stake in shares of Veeva Systems in the 2nd quarter valued at $384,265,000. Durable Capital Partners LP acquired a new stake in shares of Veeva Systems during the second quarter worth about $281,351,000. Finally, AQR Capital Management LLC boosted its position in Veeva Systems by 111.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after buying an additional 969,905 shares during the period. 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.