Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,414 shares of the technology company’s stock after selling 1,838 shares during the period. Truist Financial Corp’s holdings in Veeva Systems were worth $14,717,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. grew its holdings in Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after acquiring an additional 9,232 shares during the period. BNP Paribas Financial Markets lifted its stake in Veeva Systems by 30.8% during the first quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after purchasing an additional 20,982 shares during the last quarter. Mediolanum International Funds Ltd acquired a new stake in Veeva Systems during the first quarter valued at approximately $5,112,000. CANADA LIFE ASSURANCE Co boosted its holdings in Veeva Systems by 46.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after buying an additional 42,396 shares in the last quarter. Finally, Cim LLC acquired a new position in Veeva Systems in the fourth quarter worth approximately $996,000. 88.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a report on Thursday, August 29th. Barclays upped their price objective on shares of Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Citigroup lifted their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Needham & Company LLC restated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. Finally, Guggenheim lifted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday. 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.65.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $204.53 on Friday. The stock’s 50 day simple moving average is $203.71 and its 200 day simple moving average is $200.28. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a market capitalization of $33.06 billion, a price-to-earnings ratio of 60.33, a PEG ratio of 2.02 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

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.