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

Veeva Systems (NYSE:VEEV) had its target price reduced by stock analysts at Oppenheimer from $325.00 to $275.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Oppenheimer’s price objective would indicate a potential upside of 55.95% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group reiterated a “buy” rating on shares of Veeva Systems in a research report on Tuesday, November 25th. KeyCorp restated a “sector weight” rating on shares of Veeva Systems in a research note on Friday, December 12th. Jefferies Financial Group reiterated a “buy” rating and set a $330.00 price target on shares of Veeva Systems in a research report on Monday, November 24th. JPMorgan Chase & Co. lowered their price objective on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Finally, BMO Capital Markets started coverage on shares of Veeva Systems in a research report on Thursday, November 13th. They set a “market perform” rating and a $300.00 target price on the stock. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $298.21.

Veeva Systems Stock Up 0.3%

Shares of Veeva Systems stock opened at $176.34 on Tuesday. Veeva Systems has a 12-month low of $168.13 and a 12-month high of $310.50. The stock has a market capitalization of $28.99 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.08. The company has a 50-day simple moving average of $208.38 and a 200 day simple moving average of $251.65.

Veeva Systems declared that its board has authorized a share buyback plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems 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 directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.30% of the stock is owned by corporate insiders.

Institutional Trading of Veeva Systems

A number of large investors have recently made changes to their positions in the company. Virtu Financial LLC acquired a new position in Veeva Systems in the fourth quarter valued at about $2,089,000. MV Capital Management Inc. bought a new position in Veeva Systems in the fourth quarter valued at approximately $30,000. Van Diest Capital LLC acquired a new position in shares of Veeva Systems in the fourth quarter valued at approximately $269,000. Invesco Ltd. boosted its holdings in shares of Veeva Systems by 12.5% in the fourth quarter. Invesco Ltd. now owns 323,302 shares of the technology company’s stock valued at $72,171,000 after buying an additional 35,832 shares during the period. Finally, Rare Wolf Capital LLC bought a new stake in shares of Veeva Systems during the fourth quarter worth $1,703,000. 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.