The Manufacturers Life Insurance Company Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

The Manufacturers Life Insurance Company reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 7.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,249 shares of the technology company’s stock after selling 7,917 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Veeva Systems were worth $19,780,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its stake in Veeva Systems by 64.7% during the third 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 in the last quarter. Principal Financial Group Inc. grew its position in shares of Veeva Systems by 138.9% during 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. Jupiter Asset Management Ltd. increased its holdings in shares of Veeva Systems by 84.0% in the second quarter. Jupiter Asset Management Ltd. now owns 453,933 shares of the technology company’s stock worth $83,074,000 after purchasing an additional 207,222 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Veeva Systems by 545.5% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 195,486 shares of the technology company’s stock worth $35,776,000 after purchasing an additional 165,203 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Veeva Systems by 48.0% in the second quarter. AQR Capital Management LLC now owns 444,477 shares of the technology company’s stock worth $81,344,000 after buying an additional 144,104 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction on 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 in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a research report on Friday, November 8th. Scotiabank assumed coverage on shares of Veeva Systems in a research report on Monday, November 18th. They set a “sector perform” rating and a $235.00 price objective for the company. Piper Sandler boosted 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, Barclays increased their price target on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $236.92.

Veeva Systems Stock Up 0.5 %

Veeva Systems stock opened at $227.85 on Friday. The firm has a market cap of $36.90 billion, a P/E ratio of 60.76, a P/E/G ratio of 2.20 and a beta of 0.81. The business has a fifty day moving average of $215.71 and a two-hundred day moving average of $201.99. Veeva Systems Inc. has a twelve month low of $165.12 and a twelve month high of $240.68.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data 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. The company had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. Equities analysts expect that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

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.