Citigroup Inc. Sells 32,307 Shares of Veeva Systems Inc. (NYSE:VEEV)

Citigroup Inc. reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 21.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,529 shares of the technology company’s stock after selling 32,307 shares during the period. Citigroup Inc.’s holdings in Veeva Systems were worth $24,876,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Veeva Systems during the 3rd quarter worth approximately $26,000. Advisors Asset Management Inc. bought a new stake in Veeva Systems during the first quarter worth $28,000. Blue Trust Inc. raised its position in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after buying an additional 173 shares during the last quarter. DT Investment Partners LLC bought a new position in Veeva Systems during the 2nd quarter valued at $35,000. Finally, Mather Group LLC. boosted its holdings in Veeva Systems by 166.3% during the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after acquiring an additional 158 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction 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 of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on VEEV shares. Piper Sandler increased their target price on shares of Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Bank of America lifted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. Royal Bank of Canada lifted their price target on Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Finally, Guggenheim upped their price objective on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $236.92.

Veeva Systems Stock Performance

NYSE:VEEV opened at $226.88 on Wednesday. Veeva Systems Inc. has a 52-week low of $165.12 and a 52-week high of $240.68. The business’s fifty day moving average is $214.98 and its 200 day moving average is $201.48. The firm has a market cap of $36.74 billion, a price-to-earnings ratio of 60.50, a PEG ratio of 2.09 and a beta of 0.81.

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

Veeva Systems Company 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.