Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Ithaka Group LLC

Ithaka Group LLC trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 2.1% in the third quarter, HoldingsChannel.com reports. The firm owned 59,025 shares of the technology company’s stock after selling 1,273 shares during the quarter. Veeva Systems comprises about 2.3% of Ithaka Group LLC’s investment portfolio, making the stock its 18th largest holding. Ithaka Group LLC’s holdings in Veeva Systems were worth $12,388,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. General American Investors Co. Inc. acquired a new position in Veeva Systems in the third quarter valued at approximately $5,133,000. Procyon Advisors LLC acquired a new position in Veeva Systems in the third quarter valued at approximately $712,000. Envestnet Portfolio Solutions Inc. boosted its holdings in Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Veeva Systems by 138.9% in the third 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. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after purchasing an additional 2,733 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

NYSE:VEEV opened at $214.22 on Friday. The stock has a fifty day moving average price of $214.57 and a two-hundred day moving average price of $201.09. The stock has a market capitalization of $34.69 billion, a price-to-earnings ratio of 57.13, a PEG ratio of 2.03 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year high of $240.68.

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

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on VEEV. BNP Paribas began coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective for the company. Guggenheim increased their price objective on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Truist Financial increased their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Citigroup increased their price objective on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $236.92.

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.