Insider Selling: Veeva Systems Inc. (NYSE:VEEV) Insider Sells $270,251.26 in Stock

Veeva Systems Inc. (NYSE:VEEV) insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Veeva Systems Price Performance

Veeva Systems stock opened at $229.71 on Friday. The business has a 50 day simple moving average of $215.14 and a 200 day simple moving average of $200.49. Veeva Systems Inc. has a one year low of $165.12 and a one year high of $240.68. The company has a market capitalization of $37.20 billion, a PE ratio of 61.26, a price-to-earnings-growth ratio of 2.25 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last announced 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 company had revenue of $676.18 million for 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%. Equities analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Veeva Systems

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. General American Investors Co. Inc. acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $5,133,000. Procyon Advisors LLC bought a new position in Veeva Systems in the 3rd quarter valued at about $712,000. Envestnet Portfolio Solutions Inc. lifted its position in Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after acquiring an additional 9,232 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Veeva Systems by 46.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock valued at $30,786,000 after purchasing an additional 42,396 shares during the period. Institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. UBS Group boosted their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Barclays raised their price objective on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Citigroup increased their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. TD Cowen upped their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Finally, Guggenheim boosted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $237.00.

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.