This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Why Veeva Systems (VEEV) Stock Is Down Today

NEW YORK (TheStreet) -- Veeva Systems (VEEV - Get Report) hit a 52-week low on Wednesday after pricing its previously-announced secondary offering.

Shares of the cloud software specialist had taken off 6.8% to $25.41 by midafternoon. Earlier, the stock fell as low as $25.21, its lowest level in 12 months.

Trading volume of 5.7 million shares was more than 6 times its three-month daily average.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Must Read: Why Turquoise Hill Resources (TRQ) Is Tripping on Wednesday

Pleasanton, Calif.-based Veeva said it would offer 12 million shares of its Class A common stock at a price of $26.35 a share, a 3.4% discount on Tuesday's closing price of $27.27.

Veeva will sell 890,000 shares of the total on offer, while the remaining 11.11 million will be sold by certain high-volume stockholders. The underwriters have been granted a 30-day option to buy up to an additional 1.8 million shares.

The company will only receive net proceeds from the shares it sells.

Morgan Stanley, Deutsche Bank and JPMorgan will act as joint book-running managers for the offering, while Pacific Crest Securities, Canaccord Genuity, Stifel and Wells Fargo will act as co-managers.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
VEEV $28.09 0.00%
AAPL $126.44 0.00%
FB $87.28 0.00%
GOOG $523.40 0.00%
TSLA $280.02 0.00%

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs