Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 28.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 71,874 shares of the technology company’s stock after selling 28,231 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $11,599,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Veeva Systems by 0.9% during the third quarter. Vanguard Group Inc. now owns 13,294,729 shares of the technology company’s stock worth $2,192,035,000 after purchasing an additional 119,298 shares during the period. Artisan Partners Limited Partnership raised its holdings in shares of Veeva Systems by 6.4% during the third quarter. Artisan Partners Limited Partnership now owns 9,393,531 shares of the technology company’s stock worth $1,548,805,000 after purchasing an additional 563,361 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Veeva Systems by 19.1% during the third quarter. Alliancebernstein L.P. now owns 5,922,651 shares of the technology company’s stock worth $976,527,000 after purchasing an additional 951,240 shares during the period. State Street Corp raised its holdings in shares of Veeva Systems by 0.7% during the third quarter. State Street Corp now owns 2,911,200 shares of the technology company’s stock worth $479,999,000 after purchasing an additional 20,039 shares during the period. Finally, Nuveen Asset Management LLC increased its holdings in shares of Veeva Systems by 36.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 2,148,210 shares of the technology company’s stock worth $354,196,000 after acquiring an additional 572,197 shares during the period. 78.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Thursday. JMP Securities increased their price objective on shares of Veeva Systems from $215.00 to $230.00 and gave the stock a “market outperform” rating in a report on Thursday, March 2nd. Piper Sandler increased their price objective on shares of Veeva Systems from $204.00 to $212.00 in a report on Thursday, March 2nd. Truist Financial reaffirmed a “hold” rating and issued a $195.00 price objective (down previously from $205.00) on shares of Veeva Systems in a report on Friday, March 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a report on Tuesday, March 21st. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $203.09.

Veeva Systems Price Performance

Shares of VEEV opened at $162.86 on Friday. Veeva Systems Inc. has a one year low of $151.02 and a one year high of $232.26. The company has a 50-day moving average of $176.29 and a two-hundred day moving average of $173.41. The stock has a market cap of $26.03 billion, a price-to-earnings ratio of 54.11, a PEG ratio of 2.78 and a beta of 0.92.

Veeva Systems (NYSE:VEEV – Get Rating) last announced its earnings results on Wednesday, March 1st. The technology company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.62 by $0.06. Veeva Systems had a net margin of 22.63% and a return on equity of 12.42%. The company had revenue of $563.39 million during the quarter, compared to analysts’ expectations of $552.18 million. Analysts anticipate that Veeva Systems Inc. will post 2.55 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Paul J. Sekhri sold 2,658 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $181.93, for a total transaction of $483,569.94. Following the completion of the sale, the director now directly owns 16,381 shares in the company, valued at $2,980,195.33. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Matthew J. Wallach sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 6th. The shares were sold at an average price of $178.56, for a total transaction of $1,785,600.00. Following the transaction, the director now owns 3,145 shares of the company’s stock, valued at $561,571.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul J. Sekhri sold 2,658 shares of the firm’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $181.93, for a total transaction of $483,569.94. Following the transaction, the director now directly owns 16,381 shares in the company, valued at approximately $2,980,195.33. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,818 shares of company stock worth $2,296,277. 10.98% of the stock is owned by company insiders.

Veeva Systems Profile

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.