Veeva Systems Inc. $VEEV Shares Sold by Fiera Capital Corp

Fiera Capital Corp cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 20.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 283,685 shares of the technology company’s stock after selling 74,314 shares during the period. Fiera Capital Corp owned about 0.17% of Veeva Systems worth $84,513,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Jensen Investment Management Inc. grew its position in Veeva Systems by 1,924.5% in the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock worth $123,100,000 after buying an additional 392,802 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 11.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after acquiring an additional 388,864 shares in the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in shares of Veeva Systems in the 3rd quarter worth $422,241,000. Compass Wealth Management LLC acquired a new stake in shares of Veeva Systems during the third quarter worth $18,694,000. Finally, ABN AMRO Bank N.V. purchased a new stake in shares of Veeva Systems during the third quarter valued at $246,625,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.6%

NYSE VEEV opened at $182.41 on Friday. Veeva Systems Inc. has a 1-year low of $168.13 and a 1-year high of $310.50. The firm’s fifty day simple moving average is $211.84 and its 200-day simple moving average is $254.82. The company has a market capitalization of $29.98 billion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 1.25 and a beta of 1.08.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.09. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The firm had revenue of $0.81 million for the quarter, compared to the consensus estimate of $792.37 million. During the same quarter in the previous year, the company posted $1.75 earnings per share. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. As a group, analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Veeva Systems announced that its Board of Directors has initiated a share buyback program on Monday, January 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on VEEV shares. Needham & Company LLC reissued a “buy” rating and issued a $355.00 price target on shares of Veeva Systems in a research note on Friday, November 21st. Wells Fargo & Company dropped their target price on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 25th. BTIG Research restated a “buy” rating and issued a $340.00 price target on shares of Veeva Systems in a research report on Friday, November 21st. Morgan Stanley raised shares of Veeva Systems from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $222.00 to $205.00 in a research note on Tuesday. Finally, Jefferies Financial Group reissued a “buy” rating and set a $330.00 target price on shares of Veeva Systems in a research note on Monday, November 24th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $307.33.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.