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Veeva Systems (NASDAQ:VEEV) dropped 3.7% during mid-day trading on Friday after an insider sold shares in the company, ARN reports. The stock traded as low as $22.00 and last traded at $22.02, with a volume of 351,463 shares changing hands. The stock had previously closed at $22.86.

Specifically, major shareholder Maja Kristin unloaded 25,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $22.83, for a total transaction of $570,750.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

VEEV has been the subject of a number of recent research reports. Analysts at Deutsche Bank cut their price target on shares of Veeva Systems from $34.00 to $30.00 in a research note on Friday, May 30th. They now have a “buy” rating on the stock. Separately, analysts at Pacific Crest cut their price target on shares of Veeva Systems from $44.00 to $30.00 in a research note on Friday, May 30th. They now have an “outperform” rating on the stock. Finally, analysts at Morgan Stanley reiterated a “buy” rating on shares of Veeva Systems in a research note on Friday, May 30th. They now have a $30.00 price target on the stock, down previously from $34.00. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $29.40.

The stock has a 50-day moving average of $23.91 and a 200-day moving average of $25.53. The company has a market cap of $2.794 billion and a P/E ratio of 136.89.

Veeva Systems (NASDAQ:VEEV) last announced its earnings results on Thursday, May 29th. The company reported $0.07 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.05 by $0.02. The company had revenue of $66.70 million for the quarter, compared to the consensus estimate of $63.40 million. Veeva Systems’s revenue was up 55.8% compared to the same quarter last year. On average, analysts predict that Veeva Systems will post $0.27 earnings per share for the current fiscal year.

Veeva Systems Inc (NASDAQ:VEEV) which provides industry-specific, cloud-based software solutions for the life sciences industry.

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