Mackenzie Financial Corp Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Mackenzie Financial Corp trimmed its stake in Veeva Systems Inc. (NYSE:VEEVGet Rating) by 1.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,714 shares of the technology company’s stock after selling 263 shares during the quarter. Mackenzie Financial Corp’s holdings in Veeva Systems were worth $4,300,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Atria Investments LLC lifted its stake in shares of Veeva Systems by 1.5% during the 1st quarter. Atria Investments LLC now owns 11,840 shares of the technology company’s stock valued at $2,516,000 after buying an additional 176 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in shares of Veeva Systems by 1.6% during the 1st quarter. State of New Jersey Common Pension Fund D now owns 81,079 shares of the technology company’s stock valued at $17,226,000 after buying an additional 1,281 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Veeva Systems by 0.6% during the 1st quarter. Arizona State Retirement System now owns 38,048 shares of the technology company’s stock valued at $8,084,000 after buying an additional 210 shares in the last quarter. Versor Investments LP lifted its stake in shares of Veeva Systems by 83.8% during the 1st quarter. Versor Investments LP now owns 4,411 shares of the technology company’s stock valued at $937,000 after buying an additional 2,011 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Veeva Systems by 1.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 542,303 shares of the technology company’s stock valued at $115,218,000 after buying an additional 9,707 shares in the last quarter. 80.14% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV opened at $184.08 on Monday. The firm has a market cap of $28.58 billion, a P/E ratio of 75.75, a P/E/G ratio of 4.40 and a beta of 0.81. Veeva Systems Inc. has a fifty-two week low of $151.02 and a fifty-two week high of $310.75. The firm has a 50-day simple moving average of $168.87 and a two-hundred day simple moving average of $185.87.

Veeva Systems (NYSE:VEEVGet Rating) last released its quarterly earnings data on Wednesday, August 31st. The technology company reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.11). The firm had revenue of $534.20 million for the quarter, compared to the consensus estimate of $530.70 million. Veeva Systems had a net margin of 19.67% and a return on equity of 13.40%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. On average, equities research analysts predict that Veeva Systems Inc. will post 2.53 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on VEEV shares. StockNews.com lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday, October 31st. JPMorgan Chase & Co. raised shares of Veeva Systems from an “underweight” rating to a “neutral” rating and decreased their price target for the stock from $225.00 to $170.00 in a report on Wednesday, October 19th. The Goldman Sachs Group reduced their target price on shares of Veeva Systems from $235.00 to $205.00 and set a “buy” rating on the stock in a report on Friday, October 28th. KeyCorp began coverage on shares of Veeva Systems in a report on Thursday, September 15th. They set an “overweight” rating and a $220.00 target price on the stock. Finally, Piper Sandler dropped their price target on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $215.74.

Insider Buying and Selling at Veeva Systems

In other news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $169.27, for a total value of $1,692,700.00. Following the completion of the sale, the director now directly owns 2,546 shares in the company, valued at $430,961.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Paul Edward Chamberlain sold 260 shares of Veeva Systems stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total value of $46,797.40. Following the completion of the sale, the director now directly owns 16,443 shares in the company, valued at $2,959,575.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew J. Wallach sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the completion of the transaction, the director now directly owns 2,546 shares in the company, valued at approximately $430,961.42. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,260 shares of company stock worth $5,096,397. 13.23% of the stock is owned by corporate insiders.

About Veeva Systems

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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.

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

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