PNC Financial Services Group Inc. Has $5.61 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

PNC Financial Services Group Inc. decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,150 shares of the technology company’s stock after selling 1,263 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Veeva Systems were worth $5,612,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Rovin Capital UT ADV boosted its stake in Veeva Systems by 11.4% in the 4th quarter. Rovin Capital UT ADV now owns 2,585 shares of the technology company’s stock valued at $498,000 after buying an additional 265 shares in the last quarter. SageView Advisory Group LLC acquired a new stake in Veeva Systems in the 4th quarter valued at $320,000. Creekmur Asset Management LLC acquired a new position in Veeva Systems in the fourth quarter worth $170,000. EP Wealth Advisors LLC acquired a new position in Veeva Systems in the fourth quarter worth $202,000. Finally, Cim LLC acquired a new position in Veeva Systems in the fourth quarter worth $996,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $178.78 on Wednesday. The company has a 50 day moving average of $197.79 and a 200-day moving average of $204.82. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The stock has a market cap of $28.90 billion, a price-to-earnings ratio of 52.74, a P/E/G ratio of 1.77 and a beta of 0.80.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The disclosure for this sale can be found here. Insiders have sold 21,989 shares of company stock valued at $4,192,363 in the last 90 days. 10.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. The Goldman Sachs Group boosted their price objective on Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Truist Financial reduced their price objective on Veeva Systems from $203.00 to $197.00 and set a “hold” rating on the stock in a research note on Friday, June 14th. Morgan Stanley reduced their price objective on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a research note on Friday, May 31st. Raymond James reissued an “outperform” rating and issued a $260.00 price objective on shares of Veeva Systems in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $227.95.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.