Private Advisor Group LLC Cuts Stake in Veeva Systems Inc. (NYSE:VEEV)

Private Advisor Group LLC lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 21.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,041 shares of the technology company’s stock after selling 1,955 shares during the quarter. Private Advisor Group LLC’s holdings in Veeva Systems were worth $1,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of VEEV. Brookstone Capital Management purchased a new stake in Veeva Systems in the first quarter worth approximately $234,000. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Veeva Systems by 3.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,479 shares of the technology company’s stock valued at $2,196,000 after purchasing an additional 293 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Veeva Systems by 1.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 402,575 shares of the technology company’s stock valued at $93,273,000 after purchasing an additional 5,352 shares during the period. Norden Group LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $304,000. Finally, First Trust Direct Indexing L.P. boosted its stake in shares of Veeva Systems by 19.0% during the first quarter. First Trust Direct Indexing L.P. now owns 1,403 shares of the technology company’s stock valued at $325,000 after purchasing an additional 224 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on VEEV shares. Barclays increased their price objective on Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Piper Sandler increased their price objective on Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and set a $250.00 target price on shares of Veeva Systems in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. upped 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 given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $232.87.

Veeva Systems Price Performance

Veeva Systems stock opened at $214.56 on Thursday. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The stock has a market capitalization of $34.74 billion, a PE ratio of 57.22, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. The business’s fifty day moving average is $212.11 and its 200 day moving average is $198.89.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data 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 return on equity of 13.30% and a net margin of 23.91%. The company had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 10.50% of the stock is currently owned by insiders.

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.