Stifel Nicolaus Has Lowered Expectations for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its target price cut by research analysts at Stifel Nicolaus from $320.00 to $212.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ target price would indicate a potential upside of 16.91% from the company’s current price.

Several other equities analysts have also commented on VEEV. Wells Fargo & Company decreased their price objective on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a research report on Tuesday, November 25th. Barclays cut their price target on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating on the stock in a research note on Wednesday. Oppenheimer lowered their price objective on shares of Veeva Systems from $325.00 to $275.00 and set an “outperform” rating for the company in a research note on Tuesday. Jefferies Financial Group reissued a “buy” rating and set a $330.00 price objective on shares of Veeva Systems in a report on Monday, November 24th. Finally, BMO Capital Markets initiated coverage on Veeva Systems in a research report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 target price on the stock. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $293.71.

Veeva Systems Price Performance

Veeva Systems stock traded up $4.88 during midday trading on Thursday, reaching $181.34. The company’s stock had a trading volume of 103,452 shares, compared to its average volume of 2,127,168. The stock has a market capitalization of $29.81 billion, a P/E ratio of 35.12, a PEG ratio of 1.22 and a beta of 1.08. The stock’s 50-day simple moving average is $208.38 and its 200-day simple moving average is $251.65. Veeva Systems has a 52-week low of $168.13 and a 52-week high of $310.50.

Veeva Systems declared that its board has authorized a share repurchase program on Monday, January 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC increased its position in shares of Veeva Systems by 0.3% in the third quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock valued at $3,707,000 after buying an additional 35 shares in the last quarter. Sigma Planning Corp boosted its stake in shares of Veeva Systems by 1.2% in the second quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock valued at $958,000 after purchasing an additional 39 shares during the period. Personal CFO Solutions LLC lifted its stake in shares of Veeva Systems by 3.5% in the third quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company’s stock worth $346,000 after acquiring an additional 39 shares in the last quarter. AFT Forsyth & Company Inc. grew its stake in Veeva Systems by 4.2% during the 3rd quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock valued at $293,000 after purchasing an additional 40 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. raised its holdings in Veeva Systems by 0.4% in the third quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company’s stock valued at $2,806,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors 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.