Boomfish Wealth Group LLC Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Boomfish Wealth Group LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,441 shares of the technology company’s stock after selling 383 shares during the period. Veeva Systems makes up approximately 1.5% of Boomfish Wealth Group LLC’s portfolio, making the stock its 26th largest position. Boomfish Wealth Group LLC’s holdings in Veeva Systems were worth $2,401,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VEEV. Advisors Asset Management Inc. purchased a new stake in Veeva Systems during the first quarter worth about $28,000. Blue Trust Inc. lifted its position in shares of Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the period. First Financial Corp IN purchased a new stake in Veeva Systems during the first quarter worth $35,000. DT Investment Partners LLC acquired a new stake in Veeva Systems in the second quarter valued at $35,000. Finally, Larson Financial Group LLC increased its position in shares of Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

VEEV has been the topic of several recent research reports. Truist Financial upped their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Robert W. Baird raised their target price on shares of Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. BNP Paribas initiated coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $232.96.

Veeva Systems Stock Performance

NYSE VEEV opened at $210.31 on Tuesday. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90. The business’s fifty day moving average is $205.87 and its two-hundred day moving average is $198.85. The stock has a market capitalization of $34.06 billion, a P/E ratio of 56.08, a P/E/G ratio of 2.04 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, research analysts forecast that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.50% of the company’s stock.

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.