ICICI Prudential Asset Management Co Ltd Sells 9,324 Shares of Veeva Systems Inc. (NYSE:VEEV)

ICICI Prudential Asset Management Co Ltd lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 18.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,982 shares of the technology company’s stock after selling 9,324 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Veeva Systems were worth $8,601,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after buying an additional 991,208 shares during the period. Swedbank AB purchased a new position in shares of Veeva Systems during the 1st quarter worth approximately $227,673,000. Matrix Capital Management Company LP grew its holdings in shares of Veeva Systems by 635.4% during the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock worth $115,572,000 after acquiring an additional 430,989 shares during the period. Finally, Acadian Asset Management LLC raised its position in shares of Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock worth $143,235,000 after acquiring an additional 281,993 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. This trade represents 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. In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The trade was a 0.00 % 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, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VEEV. Piper Sandler upped their price target on Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Guggenheim upped their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. Raymond James increased their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $237.00.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $1.76 during trading on Wednesday, hitting $234.76. The company had a trading volume of 98,447 shares, compared to its average volume of 940,654. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68. The firm has a market capitalization of $38.01 billion, a P/E ratio of 62.60, a price-to-earnings-growth ratio of 2.28 and a beta of 0.81. The stock has a 50 day simple moving average of $214.81 and a 200 day simple moving average of $200.26.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The company 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%. As a group, analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current year.

Veeva Systems Company 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.