Mirador Capital Partners LP Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Mirador Capital Partners LP lowered its holdings in Veeva Systems Inc. (NYSE:VEEV) by 1.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 10,016 shares of the technology company’s stock after selling 145 shares during the quarter. Mirador Capital Partners LP’s holdings in Veeva Systems were worth $2,321,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in VEEV. LPL Financial LLC grew its stake in Veeva Systems by 9.1% during the 3rd quarter. LPL Financial LLC now owns 76,795 shares of the technology company’s stock worth $15,624,000 after buying an additional 6,378 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Veeva Systems by 94.9% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 6,211 shares of the technology company’s stock valued at $1,264,000 after purchasing an additional 3,024 shares during the last quarter. Bank of Nova Scotia purchased a new position in shares of Veeva Systems in the 3rd quarter valued at approximately $635,000. Sherbrooke Park Advisers LLC purchased a new position in shares of Veeva Systems in the 3rd quarter valued at approximately $584,000. Finally, Schonfeld Strategic Advisors LLC grew its stake in shares of Veeva Systems by 1,260.6% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 3,354 shares of the technology company’s stock valued at $682,000 after purchasing an additional 3,643 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.1 %

VEEV stock traded up $0.14 during trading hours on Monday, hitting $183.15. 125,359 shares of the stock traded hands, compared to its average volume of 999,335. The stock has a 50-day simple moving average of $194.68 and a 200 day simple moving average of $205.28. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The company has a market cap of $29.61 billion, a P/E ratio of 53.99, a P/E/G ratio of 1.79 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The business had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. Analysts forecast that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

VEEV has been the subject of several research reports. Truist Financial reduced their price objective on Veeva Systems from $203.00 to $197.00 and set a “hold” rating for the company in a report on Friday, June 14th. Canaccord Genuity Group reduced their target price on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research note on Friday, May 31st. Jefferies Financial Group upped their target price on Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Barclays reduced their target price on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $227.95.

Insiders Place Their Bets

In other news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated 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 owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the sale, the chief financial officer now owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. Insiders have sold a total of 21,989 shares of company stock valued at $4,192,363 in the last three months. Insiders own 10.50% of the company’s stock.

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.