Veeva Systems (NYSE:VEEV) Rating Lowered to Hold at Zacks Research

Veeva Systems (NYSE:VEEV) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other brokerages have also commented on VEEV. Barclays lowered their price objective on Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Wall Street Zen lowered Veeva Systems from a “buy” rating to a “hold” rating in a research report on Sunday, March 22nd. TD Cowen lowered their price objective on Veeva Systems from $380.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. UBS Group lifted their price objective on Veeva Systems from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Finally, Citigroup lowered Veeva Systems from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $291.00 to $176.00 in a research report on Friday, April 10th. Sixteen research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $278.70.

Veeva Systems Stock Up 1.8%

Veeva Systems stock opened at $159.03 on Thursday. The stock has a 50-day simple moving average of $171.47 and a 200 day simple moving average of $208.80. Veeva Systems has a 12-month low of $148.05 and a 12-month high of $310.50. The stock has a market capitalization of $25.98 billion, a price-to-earnings ratio of 29.40, a P/E/G ratio of 0.70 and a beta of 0.92.

Veeva Systems (NYSE:VEEV) last released 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 13.80% and a net margin of 28.44%.The business had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same period in the previous year, the business posted $1.74 earnings per share. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, sell-side analysts anticipate that Veeva Systems will post 6.41 EPS for the current year.

Insider Activity

In related news, Director Priscilla Hung sold 750 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. The trade was a 18.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.60% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently modified their holdings of VEEV. Sivia Capital Partners LLC grew its position in shares of Veeva Systems by 225.9% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock valued at $899,000 after purchasing an additional 2,164 shares during the period. Bank of Nova Scotia grew its position in shares of Veeva Systems by 44.5% in the 2nd quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company’s stock valued at $1,689,000 after purchasing an additional 1,806 shares during the period. NewEdge Advisors LLC grew its position in shares of Veeva Systems by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company’s stock valued at $2,543,000 after purchasing an additional 2,272 shares during the period. Treasurer of the State of North Carolina grew its position in shares of Veeva Systems by 2.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company’s stock valued at $19,856,000 after purchasing an additional 1,452 shares during the period. Finally, Diversify Wealth Management LLC grew its position in shares of Veeva Systems by 5.3% in the 2nd quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company’s stock valued at $3,140,000 after purchasing an additional 575 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.