JPMorgan Chase & Co. Has Lowered Expectations for Veeva Systems (NYSE:VEEV) Stock Price

Veeva Systems (NYSE:VEEV) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $330.00 to $296.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 63.50% from the stock’s current price.

VEEV has been the subject of a number of other research reports. Morgan Stanley raised shares of Veeva Systems from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $222.00 to $205.00 in a research note on Tuesday. KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. Truist Financial raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Thursday, January 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $355.00 price target on shares of Veeva Systems in a research note on Friday, November 21st. Finally, Weiss Ratings cut Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $302.58.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded down $1.53 on Friday, hitting $181.04. The company’s stock had a trading volume of 1,096,251 shares, compared to its average volume of 2,169,236. The company has a market capitalization of $29.76 billion, a PE ratio of 35.22, a PEG ratio of 1.25 and a beta of 1.08. The company has a 50-day simple moving average of $211.84 and a 200 day simple moving average of $254.82. Veeva Systems has a 1 year low of $168.13 and a 1 year high of $310.50.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.95 by $0.09. The company had revenue of $0.81 million during the quarter, compared to analyst estimates of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.Veeva Systems’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.75 earnings per share. On average, equities research analysts expect that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its Board of Directors has approved a stock repurchase plan on Monday, January 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the company’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 transaction, the insider owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently made changes to their positions in VEEV. GPS Wealth Strategies Group LLC raised its holdings in Veeva Systems by 196.4% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after purchasing an additional 55 shares in the last quarter. Raiffeisen Bank International AG bought a new position in Veeva Systems in the third quarter worth about $28,000. OLD Second National Bank of Aurora bought a new stake in Veeva Systems during the 3rd quarter valued at approximately $30,000. Legacy Investment Solutions LLC purchased a new position in shares of Veeva Systems during the 2nd quarter worth approximately $32,000. Finally, Board of the Pension Protection Fund bought a new position in Veeva Systems in the fourth quarter worth $27,000. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

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.