Comerica Bank Has $2.42 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Comerica Bank decreased its position in Veeva Systems Inc. (NYSE:VEEVGet Rating) by 5.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,250 shares of the technology company’s stock after selling 927 shares during the period. Comerica Bank’s holdings in Veeva Systems were worth $2,416,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in VEEV. Harbor Investment Advisory LLC grew its holdings in shares of Veeva Systems by 120.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 132 shares of the technology company’s stock valued at $26,000 after buying an additional 72 shares during the period. Fieldpoint Private Securities LLC acquired a new position in Veeva Systems in the 2nd quarter worth $30,000. City Holding Co. acquired a new position in Veeva Systems in the 3rd quarter worth $34,000. Western Pacific Wealth Management LP boosted its stake in Veeva Systems by 11,200.0% in the 3rd quarter. Western Pacific Wealth Management LP now owns 226 shares of the technology company’s stock worth $37,000 after purchasing an additional 224 shares during the period. Finally, Global Wealth Management Investment Advisory Inc. boosted its stake in Veeva Systems by 63.9% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 218 shares of the technology company’s stock worth $46,000 after purchasing an additional 85 shares during the period. Institutional investors and hedge funds own 78.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on VEEV shares. Needham & Company LLC upped their target price on shares of Veeva Systems from $205.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, December 2nd. KeyCorp reduced their target price on shares of Veeva Systems from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, December 5th. The Goldman Sachs Group reduced their target price on shares of Veeva Systems from $235.00 to $205.00 and set a “buy” rating for the company in a research note on Friday, October 28th. UBS Group reduced their target price on shares of Veeva Systems from $200.00 to $190.00 and set a “neutral” rating for the company in a research note on Tuesday, December 20th. Finally, Wells Fargo & Company initiated coverage on shares of Veeva Systems in a research note on Monday, October 31st. They set an “equal weight” rating and a $180.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $208.65.

Veeva Systems Price Performance

VEEV opened at $160.27 on Thursday. The company’s 50-day moving average is $172.39 and its 200 day moving average is $183.07. Veeva Systems Inc. has a fifty-two week low of $151.02 and a fifty-two week high of $239.67. The firm has a market capitalization of $24.95 billion, a P/E ratio of 65.42, a PEG ratio of 4.16 and a beta of 0.89.

Veeva Systems (NYSE:VEEVGet Rating) last posted its quarterly earnings data on Thursday, December 1st. The technology company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The business had revenue of $552.35 million during the quarter, compared to the consensus estimate of $545.78 million. Veeva Systems had a net margin of 19.08% and a return on equity of 12.81%. On average, equities research analysts expect that Veeva Systems Inc. will post 2.52 earnings per share for the current year.

Insider Activity at Veeva Systems

In other news, CAO Michele O’connor sold 7,400 shares of the business’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $163.11, for a total value of $1,207,014.00. Following the completion of the sale, the chief accounting officer now directly owns 8,676 shares in the company, valued at approximately $1,415,142.36. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Michele O’connor sold 7,400 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $163.11, for a total value of $1,207,014.00. Following the transaction, the chief accounting officer now owns 8,676 shares in the company, valued at approximately $1,415,142.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Peter P. Gassner sold 28,506 shares of the stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $159.77, for a total transaction of $4,554,403.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 318,610 shares of company stock valued at $53,401,824. Corporate insiders own 13.23% of the company’s stock.

Veeva Systems Company Profile

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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