Cerity Partners LLC Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Cerity Partners LLC reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 73,242 shares of the technology company’s stock after selling 5,807 shares during the quarter. Cerity Partners LLC’s holdings in Veeva Systems were worth $15,371,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. General American Investors Co. Inc. purchased a new position in shares of Veeva Systems during the 3rd quarter valued at approximately $5,133,000. Procyon Advisors LLC acquired a new stake in Veeva Systems during the third quarter valued at $712,000. Envestnet Portfolio Solutions Inc. raised its position in shares of Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after acquiring an additional 9,232 shares during the period. 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 worth $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in shares of Veeva Systems by 3.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after acquiring an additional 2,733 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

VEEV stock opened at $226.95 on Tuesday. Veeva Systems Inc. has a one year low of $165.12 and a one year high of $240.68. The firm has a market cap of $36.75 billion, a PE ratio of 60.52, a PEG ratio of 2.09 and a beta of 0.81. The firm’s 50 day moving average price is $214.74 and its 200-day moving average price is $201.32.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS 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 research analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $260.00 price target on shares of Veeva Systems in a research report on Friday, November 8th. Piper Sandler increased their target price on Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Bank of America boosted their price target on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, JPMorgan Chase & Co. upped their price target on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $236.92.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on 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 owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.50% of the stock is currently owned by insiders.

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.