Victory Capital Management Inc. Cuts Stake in Veeva Systems Inc. (NYSE:VEEV)

Victory Capital Management Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 65.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 69,890 shares of the technology company’s stock after selling 130,390 shares during the period. Victory Capital Management Inc.’s holdings in Veeva Systems were worth $14,668,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC grew its position in Veeva Systems by 0.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares during the last quarter. Clearbridge Investments LLC grew its position in Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares during the last quarter. Western Pacific Wealth Management LP grew its position in Veeva Systems by 23.3% during the 1st quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after purchasing an additional 58 shares during the last quarter. Park Place Capital Corp grew its position in Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after purchasing an additional 59 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. grew its position in Veeva Systems by 13.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock valued at $108,000 after purchasing an additional 61 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

NYSE VEEV opened at $209.80 on Wednesday. The company has a market cap of $33.97 billion, a P/E ratio of 55.95, a P/E/G ratio of 2.06 and a beta of 0.81. The stock has a 50-day moving average of $214.95 and a two-hundred day moving average of $200.93. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.03. The business 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, analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on VEEV shares. Bank of America upped their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Piper Sandler increased their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. BNP Paribas initiated coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective on the stock. Finally, Barclays increased their price objective on shares of Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $236.92.

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.