Veeva Systems (NYSE:VEEV) Price Target Lowered to $291.00 at Citigroup

Veeva Systems (NYSE:VEEV) had its price target reduced by stock analysts at Citigroup from $319.00 to $291.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 49.98% from the company’s previous close.

Several other analysts have also recently weighed in on VEEV. BMO Capital Markets began coverage on shares of Veeva Systems in a research note on Thursday, November 13th. They set a “market perform” rating and a $300.00 price objective on the stock. Piper Sandler reduced their target price on Veeva Systems from $355.00 to $285.00 and set an “overweight” rating on the stock in a report on Thursday. TD Cowen decreased their price target on Veeva Systems from $380.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday. The Goldman Sachs Group began coverage on Veeva Systems in a report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price target for the company. Finally, BTIG Research reiterated a “buy” rating and issued a $340.00 price objective on shares of Veeva Systems in a research report on Friday, November 21st. Seventeen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $283.70.

Veeva Systems Stock Down 0.7%

VEEV traded down $1.46 during midday trading on Monday, reaching $194.03. 571,179 shares of the company’s stock were exchanged, compared to its average volume of 2,249,677. The business has a 50-day simple moving average of $203.47 and a two-hundred day simple moving average of $246.91. The firm has a market capitalization of $31.89 billion, a price-to-earnings ratio of 35.87, a price-to-earnings-growth ratio of 1.35 and a beta of 1.09. Veeva Systems has a one year low of $168.13 and a one year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 14.11% and a net margin of 28.44%.The firm had revenue of $835.95 million for the quarter, compared to analysts’ expectations of $810.95 million. During the same period in the prior year, the business posted $1.74 earnings per share. The business’s revenue 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, research analysts anticipate that Veeva Systems will post 4.35 EPS for the current fiscal year.

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

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction 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 owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 10.30% of the stock is owned by company insiders.

Institutional Trading of Veeva Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jensen Investment Management Inc. lifted its holdings in Veeva Systems by 1,924.5% during the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock worth $123,100,000 after acquiring an additional 392,802 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 11.2% in the third quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after acquiring an additional 388,864 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in shares of Veeva Systems in the third quarter worth about $422,241,000. Compass Wealth Management LLC acquired a new stake in shares of Veeva Systems during the third quarter worth about $18,694,000. Finally, ABN AMRO Bank N.V. bought a new position in shares of Veeva Systems during the 3rd quarter valued at about $246,625,000. 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.