abrdn plc Sells 1,683 Shares of Veeva Systems Inc. (NYSE:VEEV)

abrdn plc lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEVGet Rating) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,706 shares of the technology company’s stock after selling 1,683 shares during the quarter. abrdn plc’s holdings in Veeva Systems were worth $2,720,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Ritholtz Wealth Management grew its position in Veeva Systems by 9.4% during the first quarter. Ritholtz Wealth Management now owns 1,317 shares of the technology company’s stock valued at $280,000 after buying an additional 113 shares during the period. Illinois Municipal Retirement Fund grew its position in Veeva Systems by 17.6% during the fourth quarter. Illinois Municipal Retirement Fund now owns 5,773 shares of the technology company’s stock valued at $1,475,000 after buying an additional 864 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in Veeva Systems by 17.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,395 shares of the technology company’s stock valued at $1,889,000 after buying an additional 1,088 shares during the period. Belpointe Asset Management LLC grew its position in Veeva Systems by 102.3% during the first quarter. Belpointe Asset Management LLC now owns 5,158 shares of the technology company’s stock valued at $1,096,000 after buying an additional 2,608 shares during the period. Finally, Exencial Wealth Advisors LLC boosted its position in Veeva Systems by 6.1% during the fourth quarter. Exencial Wealth Advisors LLC now owns 3,011 shares of the technology company’s stock worth $769,000 after purchasing an additional 174 shares during the period.

Veeva Systems Price Performance

Shares of VEEV opened at $223.58 on Monday. The firm’s 50 day simple moving average is $194.01 and its 200 day simple moving average is $198.92. The company has a market capitalization of $34.62 billion, a P/E ratio of 88.02, a P/E/G ratio of 4.48 and a beta of 0.71. Veeva Systems Inc. has a 1-year low of $152.04 and a 1-year high of $343.96.

Veeva Systems (NYSE:VEEVGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $505.10 million for the quarter, compared to the consensus estimate of $495.88 million. Veeva Systems had a net margin of 21.43% and a return on equity of 14.60%. The business’s revenue was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $0.67 earnings per share. On average, equities analysts anticipate that Veeva Systems Inc. will post 2.78 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 5,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, June 23rd. The shares were sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the transaction, the director now directly owns 113,114 shares of the company’s stock, valued at $22,626,193.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Michele O’connor sold 371 shares of the firm’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $189.37, for a total value of $70,256.27. Following the transaction, the chief accounting officer now owns 15,833 shares in the company, valued at $2,998,295.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the completion of the transaction, the director now owns 113,114 shares in the company, valued at approximately $22,626,193.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,371 shares of company stock valued at $2,963,506. 13.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on VEEV. Stifel Nicolaus increased their target price on shares of Veeva Systems from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, June 29th. JMP Securities cut their target price on shares of Veeva Systems from $265.00 to $240.00 and set a “market outperform” rating for the company in a research report on Thursday, June 2nd. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, May 13th. Canaccord Genuity Group cut their target price on shares of Veeva Systems from $300.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, June 2nd. Finally, Oppenheimer reiterated an “initiates” rating on shares of Veeva Systems in a research report on Wednesday, July 27th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $247.00.

Veeva Systems Company Profile

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading

Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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