Veeva Systems (NYSE:VEEV) Downgraded to Sell Rating by The Goldman Sachs Group

The Goldman Sachs Group cut shares of Veeva Systems (NYSE:VEEV) from a buy rating to a sell rating in a research report sent to investors on Thursday morning, MarketBeat reports. They currently have $200.00 price objective on the technology company’s stock, down from their previous price objective of $261.00.

A number of other research firms also recently weighed in on VEEV. Morgan Stanley lifted their price target on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research note on Tuesday, December 17th. Evercore ISI upped their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Stifel Nicolaus raised their price objective on shares of Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Mizuho initiated coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 target price for the company. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Down 2.5 %

Shares of NYSE:VEEV opened at $223.23 on Thursday. Veeva Systems has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a 50-day moving average price of $221.55 and a 200 day moving average price of $210.52. The company has a market cap of $36.24 billion, a P/E ratio of 55.12, a PEG ratio of 2.01 and a beta of 0.84.

Insider Activity

In related 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 transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems 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 transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of VEEV. Massachusetts Financial Services Co. MA raised its stake in shares of Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after acquiring an additional 1,392,256 shares during the period. State Street Corp raised its position in Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after purchasing an additional 47,872 shares during the period. FMR LLC lifted its stake in shares of Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

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.