Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Benjamin Edwards Inc.

Benjamin Edwards Inc. cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 7.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 882 shares of the technology company’s stock after selling 70 shares during the quarter. Benjamin Edwards Inc.’s holdings in Veeva Systems were worth $161,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Veeva Systems by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after acquiring an additional 991,208 shares during the period. Swedbank AB acquired a new stake in shares of Veeva Systems during the first quarter worth $227,673,000. Principal Financial Group Inc. grew its position in Veeva Systems by 1,122.3% in the 2nd quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock valued at $166,946,000 after buying an additional 837,593 shares during the last quarter. Matrix Capital Management Company LP increased its stake in Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after buying an additional 430,989 shares during the period. Finally, Acadian Asset Management LLC raised its position in Veeva Systems by 83.8% during the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock worth $143,235,000 after buying an additional 281,993 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on VEEV shares. UBS Group boosted their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Raymond James boosted their target price on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Robert W. Baird raised their price target on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Morgan Stanley dropped their price objective on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Finally, JPMorgan Chase & Co. raised their target price on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $229.96.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $214.88 on Friday. The business has a 50-day moving average of $199.25 and a two-hundred day moving average of $201.58. The firm has a market capitalization of $34.74 billion, a PE ratio of 63.39, a P/E/G ratio of 2.12 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.2 earnings per share for the current year.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.50% of the stock is owned by corporate insiders.

About Veeva Systems

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.