Pitcairn Co. Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Pitcairn Co. decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.3% during the third quarter, Holdings Channel.com reports. The firm owned 9,086 shares of the technology company’s stock after selling 1,389 shares during the period. Pitcairn Co.’s holdings in Veeva Systems were worth $1,907,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VEEV. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems in the first quarter worth about $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at about $26,000. Blue Trust Inc. lifted its position in shares of Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after buying an additional 173 shares during the last quarter. DT Investment Partners LLC purchased a new stake in shares of Veeva Systems during the second quarter valued at about $35,000. Finally, Fairscale Capital LLC purchased a new position in shares of Veeva Systems in the 2nd quarter valued at approximately $46,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’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 transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 10.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VEEV. Robert W. Baird dropped their price objective on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, October 28th. BNP Paribas began coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. Bank of America lifted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their target price on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Guggenheim lifted their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $236.92.

Veeva Systems Trading Up 1.0 %

Shares of NYSE VEEV opened at $216.58 on Friday. Veeva Systems Inc. has a twelve month low of $165.12 and a twelve month high of $240.68. The company has a market capitalization of $35.07 billion, a price-to-earnings ratio of 57.75, a price-to-earnings-growth ratio of 2.07 and a beta of 0.81. The business has a 50 day simple moving average of $214.54 and a 200-day simple moving average of $201.16.

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