Mackenzie Financial Corp Cuts Stake in Veeva Systems Inc. (NYSE:VEEV)

Mackenzie Financial Corp lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 8,514 shares of the technology company’s stock after selling 144 shares during the period. Mackenzie Financial Corp’s holdings in Veeva Systems were worth $1,639,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of VEEV. Cornercap Investment Counsel Inc. purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $1,035,000. Vontobel Holding Ltd. increased its holdings in shares of Veeva Systems by 1.2% in the 4th quarter. Vontobel Holding Ltd. now owns 28,760 shares of the technology company’s stock valued at $5,537,000 after purchasing an additional 341 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Veeva Systems by 2.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 397,223 shares of the technology company’s stock valued at $76,473,000 after purchasing an additional 10,316 shares in the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $2,668,000. Finally, Shaker Investments LLC OH purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $801,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling

In related news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 3,598 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the completion of the sale, the senior vice president now directly owns 10,668 shares in the company, valued at $2,212,756.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,989 shares of company stock valued at $4,818,013. Insiders own 10.98% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $200.95 on Wednesday. Veeva Systems Inc. has a 12-month low of $160.21 and a 12-month high of $236.90. The stock has a market capitalization of $32.42 billion, a P/E ratio of 62.41, a P/E/G ratio of 2.01 and a beta of 0.74. The firm’s 50-day moving average is $220.53 and its two-hundred day moving average is $202.75.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.11. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. The company had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. As a group, analysts forecast that Veeva Systems Inc. will post 4.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, March 1st. JPMorgan Chase & Co. increased their price target on shares of Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a report on Wednesday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a report on Wednesday, March 27th. Citigroup increased their price target on shares of Veeva Systems from $240.00 to $264.00 and gave the company a “buy” rating in a report on Friday, March 1st. Finally, Robert W. Baird raised their target price on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $234.90.

About Veeva Systems

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.