Veeva Systems Inc. (NYSE:VEEV) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 18.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,144 shares of the technology company’s stock after selling 480 shares during the period. HBK Sorce Advisory LLC’s holdings in Veeva Systems were worth $413,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nordea Investment Management AB lifted its position in shares of Veeva Systems by 5.2% during the 4th quarter. Nordea Investment Management AB now owns 163,247 shares of the technology company’s stock valued at $31,730,000 after acquiring an additional 8,007 shares during the last quarter. ICICI Prudential Asset Management Co Ltd lifted its position in shares of Veeva Systems by 13.1% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 49,140 shares of the technology company’s stock valued at $9,460,000 after acquiring an additional 5,674 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Veeva Systems by 26.3% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 98,377 shares of the technology company’s stock valued at $18,953,000 after acquiring an additional 20,488 shares during the last quarter. Aviva PLC lifted its position in shares of Veeva Systems by 16.2% during the 3rd quarter. Aviva PLC now owns 57,832 shares of the technology company’s stock valued at $11,766,000 after acquiring an additional 8,044 shares during the last quarter. Finally, Rockland Trust Co. lifted its position in shares of Veeva Systems by 6.2% during the 4th quarter. Rockland Trust Co. now owns 82,909 shares of the technology company’s stock valued at $15,962,000 after acquiring an additional 4,845 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Down 2.7 %

NYSE VEEV opened at $210.79 on Thursday. The company has a market capitalization of $34.00 billion, a PE ratio of 65.46, a price-to-earnings-growth ratio of 2.17 and a beta of 0.74. Veeva Systems Inc. has a 1-year low of $160.21 and a 1-year high of $236.90. The firm’s fifty day simple moving average is $222.26 and its 200-day simple moving average is $202.79.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.81 by $0.11. The firm had revenue of $630.62 million for the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. As a group, analysts predict that Veeva Systems Inc. will post 4.11 EPS for the current year.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the sale, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Alan Mateo sold 910 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $204.72, for a total transaction of $186,295.20. Following the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,500,359.76. The disclosure for this sale can be found here. Insiders have sold 20,148 shares of company stock valued at $4,451,150 over the last three months. 10.98% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. UBS Group boosted their target price on shares of Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Truist Financial boosted their target price on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a research note on Friday, March 1st. Jefferies Financial Group boosted their target price on shares of Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Finally, Piper Sandler boosted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.90.

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.