Public Employees Retirement Association of Colorado Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Public Employees Retirement Association of Colorado lessened its holdings in Veeva Systems Inc. (NYSE:VEEV) by 1.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,900 shares of the technology company’s stock after selling 255 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Veeva Systems were worth $5,074,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Veeva Systems by 4.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 75,066 shares of the technology company’s stock worth $14,452,000 after purchasing an additional 2,963 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Veeva Systems by 8.1% during the fourth quarter. Pacer Advisors Inc. now owns 2,980 shares of the technology company’s stock worth $574,000 after purchasing an additional 223 shares during the last quarter. Global Retirement Partners LLC grew its holdings in shares of Veeva Systems by 2.8% during the fourth quarter. Global Retirement Partners LLC now owns 5,143 shares of the technology company’s stock worth $1,066,000 after purchasing an additional 141 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Veeva Systems by 1.3% during the fourth quarter. State of Alaska Department of Revenue now owns 20,965 shares of the technology company’s stock worth $4,035,000 after purchasing an additional 275 shares during the last quarter. Finally, Chicago Capital LLC grew its holdings in shares of Veeva Systems by 26.6% during the fourth quarter. Chicago Capital LLC now owns 246,506 shares of the technology company’s stock worth $47,457,000 after purchasing an additional 51,753 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the topic of several research reports. Robert W. Baird raised their price objective on Veeva Systems from $251.00 to $255.00 and gave the stock an “outperform” rating in a report on Wednesday, May 29th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Guggenheim raised their price target on Veeva Systems from $211.00 to $233.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Evercore ISI lowered their price target on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a report on Friday, May 31st. Finally, Barclays lowered their price target on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $228.27.

Veeva Systems Price Performance

Shares of VEEV stock traded down $1.75 during midday trading on Monday, reaching $190.68. 375,119 shares of the company traded hands, compared to its average volume of 985,563. The firm’s 50 day simple moving average is $187.20 and its two-hundred day simple moving average is $204.73. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90. The firm has a market cap of $30.82 billion, a PE ratio of 56.76, a price-to-earnings-growth ratio of 1.89 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The company had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.50% of the company’s stock.

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.