Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 71.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,165 shares of the technology company’s stock after selling 25,035 shares during the period. Intech Investment Management LLC’s holdings in Veeva Systems were worth $2,010,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Penserra Capital Management LLC raised its holdings in Veeva Systems by 9.3% in the fourth quarter. Penserra Capital Management LLC now owns 729 shares of the technology company’s stock valued at $117,000 after acquiring an additional 62 shares in the last quarter. Toroso Investments LLC raised its holdings in Veeva Systems by 4.9% in the third quarter. Toroso Investments LLC now owns 1,318 shares of the technology company’s stock valued at $217,000 after acquiring an additional 62 shares in the last quarter. Forum Financial Management LP raised its holdings in Veeva Systems by 6.6% in the first quarter. Forum Financial Management LP now owns 1,038 shares of the technology company’s stock valued at $220,000 after acquiring an additional 64 shares in the last quarter. Cullen Frost Bankers Inc. raised its holdings in Veeva Systems by 2.9% in the first quarter. Cullen Frost Bankers Inc. now owns 2,426 shares of the technology company’s stock valued at $446,000 after acquiring an additional 69 shares in the last quarter. Finally, Capital Impact Advisors LLC raised its holdings in Veeva Systems by 5.6% in the fourth quarter. Capital Impact Advisors LLC now owns 1,367 shares of the technology company’s stock valued at $221,000 after acquiring an additional 72 shares in the last quarter. 80.07% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VEEV. Citigroup upped their price target on shares of Veeva Systems from $210.00 to $236.00 and gave the company a “buy” rating in a report on Monday, August 28th. Morgan Stanley reduced their price target on shares of Veeva Systems from $181.00 to $160.00 and set an “underweight” rating for the company in a report on Monday. KeyCorp increased their price objective on shares of Veeva Systems from $220.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. The Goldman Sachs Group cut their price objective on shares of Veeva Systems from $244.00 to $216.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, August 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.83.

Veeva Systems Trading Up 1.9 %

Veeva Systems stock opened at $176.79 on Thursday. The stock has a market cap of $28.40 billion, a price-to-earnings ratio of 53.25, a PEG ratio of 2.47 and a beta of 0.87. The company’s 50-day moving average price is $200.69 and its two-hundred day moving average price is $194.60. Veeva Systems Inc. has a 52 week low of $157.00 and a 52 week high of $225.49.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.08. The company had revenue of $590.23 million for the quarter, compared to analysts’ expectations of $582.28 million. Veeva Systems had a net margin of 24.20% and a return on equity of 10.89%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 EPS. Research analysts expect that Veeva Systems Inc. will post 2.73 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $220.00, for a total value of $272,360.00. Following the transaction, the chief operating officer now owns 21,329 shares of the company’s stock, valued at approximately $4,692,380. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Alan Mateo sold 13,801 shares of Veeva Systems stock in a transaction that occurred on Thursday, October 5th. The shares were sold at an average price of $197.67, for a total value of $2,728,043.67. Following the transaction, the executive vice president now directly owns 20,718 shares of the company’s stock, valued at $4,095,327.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $220.00, for a total transaction of $272,360.00. Following the completion of the transaction, the chief operating officer now directly owns 21,329 shares in the company, valued at $4,692,380. The disclosure for this sale can be found here. Insiders have sold 39,768 shares of company stock valued at $7,990,190 in the last quarter. Insiders own 10.98% of the company’s stock.

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 data 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.