Spire Wealth Management Sells 22,022 Shares of Veeva Systems Inc. (NYSE:VEEV)

Spire Wealth Management cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 95.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 960 shares of the technology company’s stock after selling 22,022 shares during the quarter. Spire Wealth Management’s holdings in Veeva Systems were worth $198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP grew its holdings in shares of Veeva Systems by 9.6% during the third quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after purchasing an additional 289,133 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Veeva Systems by 34.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock worth $416,139,000 after buying an additional 522,257 shares during the period. FMR LLC grew its holdings in Veeva Systems by 15.4% during the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock worth $372,951,000 after acquiring an additional 244,599 shares during the last quarter. Van ECK Associates Corp increased its position in Veeva Systems by 22.6% in the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after acquiring an additional 327,662 shares during the period. Finally, Blair William & Co. IL raised its stake in shares of Veeva Systems by 0.9% during the third quarter. Blair William & Co. IL now owns 1,466,121 shares of the technology company’s stock valued at $298,282,000 after acquiring an additional 12,709 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VEEV has been the topic of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 price objective on shares of Veeva Systems in a research note on Wednesday, March 27th. Jefferies Financial Group raised their price objective on Veeva Systems from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $205.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Citigroup boosted their price target on shares of Veeva Systems from $240.00 to $264.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, UBS Group increased their price objective on shares of Veeva Systems from $185.00 to $235.00 and gave the stock a “neutral” rating in a research report on Monday, February 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Veeva Systems Price Performance

VEEV opened at $203.78 on Friday. Veeva Systems Inc. has a fifty-two week low of $160.21 and a fifty-two week high of $236.90. The firm has a market capitalization of $32.87 billion, a PE ratio of 63.29, a P/E/G ratio of 2.06 and a beta of 0.76. The company’s 50-day moving average is $215.35 and its 200 day moving average is $202.18.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. As a group, analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the transaction, 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 can be accessed through the SEC website. In other news, SVP Jonathan Faddis sold 3,598 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the completion of the sale, the senior vice president now directly owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now owns 21,983 shares in the company, valued at $4,415,505.38. The disclosure for this sale can be found here. Insiders sold a total of 21,989 shares of company stock worth $4,818,013 in the last quarter. 10.50% of the stock is currently owned by corporate insiders.

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.