Veeva Systems Inc. (NYSE:VEEV) Holdings Cut by Mission Wealth Management LP

Mission Wealth Management LP decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 10.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 26,446 shares of the technology company’s stock after selling 2,928 shares during the quarter. Mission Wealth Management LP’s holdings in Veeva Systems were worth $5,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its position in Veeva Systems by 703.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 15,594 shares of the technology company’s stock worth $3,002,000 after buying an additional 13,654 shares in the last quarter. Nordea Investment Management AB lifted its position in Veeva Systems by 5.2% in the 4th quarter. Nordea Investment Management AB now owns 163,247 shares of the technology company’s stock worth $31,730,000 after buying an additional 8,007 shares in the last quarter. ICICI Prudential Asset Management Co Ltd lifted its position in Veeva Systems by 13.1% in the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 49,140 shares of the technology company’s stock worth $9,460,000 after buying an additional 5,674 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in Veeva Systems in the 4th quarter worth approximately $2,668,000. Finally, DekaBank Deutsche Girozentrale raised its holdings 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 purchasing an additional 20,488 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded down $3.02 during trading on Tuesday, hitting $198.56. 549,488 shares of the company’s stock traded hands, compared to its average volume of 963,853. The company has a market cap of $32.03 billion, a PE ratio of 62.60, a PEG ratio of 2.03 and a beta of 0.74. The firm’s fifty day moving average price is $218.91 and its 200 day moving average price is $202.35. Veeva Systems Inc. has a twelve month low of $160.21 and a twelve month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million during 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, equities research analysts anticipate that Veeva Systems Inc. will post 4.11 earnings per share for the current year.

Insider Activity at Veeva Systems

In related 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 completion of the transaction, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of the 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 transaction, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,989 shares of company stock worth $4,818,013. 10.98% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VEEV. The Goldman Sachs Group raised their price target on shares of Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a report on Friday, March 1st. Truist Financial raised their price target on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a report on Friday, March 1st. Jefferies Financial Group raised their price target on shares of Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 4th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Finally, Citigroup raised their price target on shares of Veeva Systems from $240.00 to $264.00 and gave the company a “buy” rating in a report 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 stock has a consensus rating of “Moderate Buy” and a consensus target price of $234.90.

About Veeva Systems

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.