Panagora Asset Management Inc. Sells 63,252 Shares of Veeva Systems Inc. (NYSE:VEEV)

Panagora Asset Management Inc. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 241,047 shares of the technology company’s stock after selling 63,252 shares during the period. Panagora Asset Management Inc. owned approximately 0.15% of Veeva Systems worth $46,406,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Facet Wealth Inc. increased its stake in shares of Veeva Systems by 3.2% in the 4th quarter. Facet Wealth Inc. now owns 1,542 shares of the technology company’s stock valued at $323,000 after purchasing an additional 48 shares during the last quarter. NewEdge Wealth LLC raised its stake in Veeva Systems by 0.6% during the third quarter. NewEdge Wealth LLC now owns 10,059 shares of the technology company’s stock worth $2,047,000 after acquiring an additional 60 shares in the last quarter. Yousif Capital Management LLC boosted its stake in shares of Veeva Systems by 3.5% in the 4th quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock valued at $342,000 after purchasing an additional 60 shares in the last quarter. Personal CFO Solutions LLC grew its holdings in shares of Veeva Systems by 5.9% during the 3rd quarter. Personal CFO Solutions LLC now owns 1,091 shares of the technology company’s stock valued at $222,000 after purchasing an additional 61 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its position in Veeva Systems by 3.4% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 1,940 shares of the technology company’s stock worth $395,000 after purchasing an additional 63 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.3 %

Shares of NYSE VEEV opened at $210.38 on Friday. The firm’s 50-day moving average price is $213.53 and its 200-day moving average price is $202.72. The firm has a market capitalization of $33.94 billion, a P/E ratio of 65.34, a P/E/G ratio of 2.12 and a beta of 0.76. Veeva Systems Inc. has a 1-year low of $160.21 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The business had revenue of $630.62 million for the quarter, compared to the consensus estimate of $620.75 million. Equities research analysts forecast that Veeva Systems Inc. will post 4.11 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on VEEV. Robert W. Baird boosted their price objective on Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upped their price objective on Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, March 13th. Barclays lifted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a research report on Wednesday, March 27th. Finally, Raymond James reiterated an “outperform” rating and set a $260.00 price target on shares of Veeva Systems in a report on Tuesday, March 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $234.90.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the completion of the sale, the senior vice president now owns 10,668 shares in the company, valued at $2,212,756.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,989 shares of company stock valued at $4,818,013. 10.50% of the stock is owned by company insiders.

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.