Canada Pension Plan Investment Board cut its position in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 23.2% in the third quarter, HoldingsChannel.com reports. The firm owned 104,476 shares of the technology company’s stock after selling 31,648 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Veeva Systems were worth $21,256,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of VEEV. Rise Advisors LLC increased its holdings in Veeva Systems by 424.0% in the 3rd quarter. Rise Advisors LLC now owns 131 shares of the technology company’s stock valued at $27,000 after acquiring an additional 106 shares during the last quarter. OFI Invest Asset Management bought a new position in Veeva Systems during the third quarter valued at approximately $25,000. Nkcfo LLC bought a new position in Veeva Systems during the second quarter valued at approximately $30,000. First Pacific Advisors LP purchased a new position in Veeva Systems during the 2nd quarter valued at approximately $35,000. Finally, First Financial Corp IN bought a new stake in Veeva Systems in the 3rd quarter worth approximately $40,000. 80.07% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In related news, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction on Monday, December 4th. The shares were sold at an average price of $179.15, for a total value of $895,750.00. Following the sale, the director now owns 114,025 shares of the company’s stock, valued at approximately $20,427,578.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Veeva Systems news, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction on Monday, December 4th. The shares were sold at an average price of $179.15, for a total transaction of $895,750.00. Following the sale, the director now owns 114,025 shares of the company’s stock, valued at approximately $20,427,578.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $210.02, for a total transaction of $260,004.76. Following the sale, the chief operating officer now directly owns 24,342 shares in the company, valued at approximately $5,112,306.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,819 shares of company stock worth $7,520,033. 10.98% of the stock is owned by corporate insiders.
Veeva Systems Trading Up 0.6 %
Veeva Systems (NYSE:VEEV – Get Free Report) last released its quarterly earnings results on Wednesday, December 6th. The technology company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.29 by $0.05. Veeva Systems had a net margin of 24.68% and a return on equity of 10.91%. The company had revenue of $616.51 million for the quarter, compared to analyst estimates of $615.98 million. During the same quarter last year, the business earned $0.69 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Veeva Systems Inc. will post 2.84 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on VEEV. The Goldman Sachs Group reduced their price target 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, November 13th. Raymond James cut their target price on Veeva Systems from $240.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. JPMorgan Chase & Co. lowered their price target on Veeva Systems from $188.00 to $183.00 and set a “neutral” rating for the company in a research report on Wednesday, November 29th. Stifel Nicolaus reissued a “buy” rating and issued a $205.00 target price on shares of Veeva Systems in a research note on Thursday, December 7th. Finally, Truist Financial restated a “hold” rating and issued a $227.00 target price on shares of Veeva Systems in a report on Monday, November 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $217.18.
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.
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