GLOBALT Investments LLC GA Sells 279 Shares of Veeva Systems Inc. (NYSE:VEEV)

GLOBALT Investments LLC GA reduced its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,671 shares of the technology company’s stock after selling 279 shares during the quarter. GLOBALT Investments LLC GA’s holdings in Veeva Systems were worth $1,190,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after purchasing an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares during the period. Clearbridge Investments LLC grew its stake in Veeva Systems by 0.4% during the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares during the period. Western Pacific Wealth Management LP increased its holdings in Veeva Systems by 23.3% in the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after purchasing an additional 58 shares in the last quarter. Finally, Park Place Capital Corp lifted its stake in Veeva Systems by 11.5% in the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $213.68 on Tuesday. Veeva Systems Inc. has a one year low of $165.12 and a one year high of $240.68. The business’s 50 day simple moving average is $215.19 and its two-hundred day simple moving average is $200.89. The stock has a market capitalization of $34.60 billion, a P/E ratio of 56.98, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Sell-side analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. This trade represents a 20.66 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent analyst reports. TD Cowen raised their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Guggenheim raised their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Piper Sandler upped their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research note on Friday, November 8th. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $236.92.

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.