BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 10,601 Shares of Veeva Systems Inc. (NYSE:VEEV)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 12.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,375 shares of the technology company’s stock after selling 10,601 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Veeva Systems were worth $15,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after acquiring an additional 1,392,256 shares during the period. FMR LLC grew its position in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after acquiring an additional 610,021 shares during the period. Principal Financial Group Inc. grew its position 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 acquiring an additional 1,267,061 shares during the period. Van ECK Associates Corp grew its position in shares of Veeva Systems by 3.7% during the 3rd quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company’s stock valued at $434,372,000 after acquiring an additional 71,525 shares during the period. Finally, Swedbank AB boosted its holdings in Veeva Systems by 4.9% in the 2nd quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock worth $188,695,000 after buying an additional 48,402 shares during the period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.5 %

Shares of NYSE VEEV opened at $227.85 on Friday. The firm’s 50-day moving average price is $215.71 and its 200-day moving average price is $201.99. The stock has a market capitalization of $36.90 billion, a price-to-earnings ratio of 60.76, a P/E/G ratio of 2.21 and a beta of 0.81. Veeva Systems Inc. has a 12-month low of $165.12 and a 12-month high of $240.68.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating 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, equities analysts predict that Veeva Systems Inc. will post 4.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on VEEV shares. BNP Paribas started coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Royal Bank of Canada upped their target price on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Piper Sandler upped their target price on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Citigroup upped their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $236.92.

Insider Buying and Selling

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

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.