Bank of New York Mellon Corp Has $148.73 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Bank of New York Mellon Corp reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 812,685 shares of the technology company’s stock after selling 9,653 shares during the period. Bank of New York Mellon Corp owned 0.50% of Veeva Systems worth $148,730,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Advisors Asset Management Inc. bought a new position in Veeva Systems during the 1st quarter worth $28,000. DSM Capital Partners LLC bought a new position in shares of Veeva Systems in the 4th quarter worth about $29,000. Vermillion & White Wealth Management Group LLC bought a new position in shares of Veeva Systems in the 4th quarter worth about $32,000. Blue Trust Inc. raised its position in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares in the last quarter. Finally, First Financial Corp IN bought a new position in shares of Veeva Systems in the 1st quarter worth about $35,000. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $198.91 on Tuesday. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The company has a market capitalization of $32.15 billion, a PE ratio of 58.68, a price-to-earnings-growth ratio of 1.93 and a beta of 0.80. The business’s fifty day moving average is $186.98 and its 200 day moving average is $202.16.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The company had revenue of $650.35 million for the quarter, compared to the consensus estimate of $641.73 million. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on VEEV shares. Canaccord Genuity Group lowered their price objective on Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research report on Friday, May 31st. UBS Group lifted their price objective on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday. Robert W. Baird raised their target price on Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Evercore ISI reduced their target price on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a research note on Friday, May 31st. Finally, Bank of America reduced their target price on Veeva Systems from $240.00 to $204.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $229.64.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company 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.