Oppenheimer Lowers Veeva Systems (NYSE:VEEV) Price Target to $275.00

Veeva Systems (NYSE:VEEV) had its target price lowered by Oppenheimer from $325.00 to $275.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective suggests a potential upside of 56.40% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. UBS Group lowered their price objective on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday. Morgan Stanley raised shares of Veeva Systems from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $222.00 to $205.00 in a report on Tuesday, February 17th. KeyCorp reaffirmed a “sector weight” rating on shares of Veeva Systems in a report on Friday, December 12th. Robert W. Baird increased their price objective on Veeva Systems from $314.00 to $319.00 and gave the company an “outperform” rating in a research report on Friday, November 21st. Finally, Truist Financial upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Thursday, January 8th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $300.50.

Veeva Systems Price Performance

Shares of VEEV traded up $3.66 on Tuesday, hitting $175.83. The company’s stock had a trading volume of 315,252 shares, compared to its average volume of 2,136,964. The company has a market capitalization of $28.90 billion, a PE ratio of 33.99, a PEG ratio of 1.25 and a beta of 1.08. Veeva Systems has a fifty-two week low of $168.13 and a fifty-two week high of $310.50. The company has a 50 day moving average price of $210.04 and a 200 day moving average price of $252.94.

Veeva Systems declared that its Board of Directors has initiated a share buyback program on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the sale, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Veeva Systems by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after buying an additional 457,806 shares in the last quarter. Alliancebernstein L.P. grew its stake in Veeva Systems by 4.1% in the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company’s stock valued at $1,770,071,000 after acquiring an additional 235,983 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company’s stock worth $863,978,000 after acquiring an additional 23,416 shares in the last quarter. State Street Corp raised its position in shares of Veeva Systems by 2.4% during the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company’s stock worth $801,267,000 after purchasing an additional 85,695 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Veeva Systems by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock valued at $1,035,622,000 after purchasing an additional 159,984 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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.