The Manufacturers Life Insurance Company Sells 46,229 Shares of Veeva Systems Inc. (NYSE:VEEV)

The Manufacturers Life Insurance Company decreased its position in Veeva Systems Inc. (NYSE:VEEV) by 31.2% during the second quarter, HoldingsChannel.com reports. The fund owned 102,166 shares of the technology company’s stock after selling 46,229 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Veeva Systems were worth $18,697,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in VEEV. Maverick Capital Ltd. increased its position in shares of Veeva Systems by 130.4% during the 2nd quarter. Maverick Capital Ltd. now owns 7,001 shares of the technology company’s stock valued at $1,281,000 after purchasing an additional 3,963 shares during the last quarter. MBB Public Markets I LLC increased its position in shares of Veeva Systems by 901.2% during the 2nd quarter. MBB Public Markets I LLC now owns 10,252 shares of the technology company’s stock valued at $1,876,000 after purchasing an additional 9,228 shares during the last quarter. Deerfield Management Company L.P. Series C increased its position in shares of Veeva Systems by 266.2% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 4,292 shares of the technology company’s stock valued at $785,000 after purchasing an additional 3,120 shares during the last quarter. Decatur Capital Management Inc. increased its position in shares of Veeva Systems by 3.7% during the 2nd quarter. Decatur Capital Management Inc. now owns 6,177 shares of the technology company’s stock valued at $1,130,000 after purchasing an additional 220 shares during the last quarter. Finally, Drucker Wealth 3.0 LLC bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $403,000. Institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on VEEV. TD Cowen boosted their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $260.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. BTIG Research began coverage on Veeva Systems in a report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price objective for the company. Raymond James boosted their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Guggenheim upped their target price on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $230.65.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

VEEV opened at $207.65 on Wednesday. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90. The stock has a market capitalization of $33.62 billion, a price-to-earnings ratio of 61.25, a PEG ratio of 2.05 and a beta of 0.81. The business has a fifty day moving average price of $202.65 and a 200 day moving average price of $200.37.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, research analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

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.