Los Angeles Capital Management LLC Lowers Stake in Veeva Systems Inc. (NYSE:VEEV)

Los Angeles Capital Management LLC cut its stake in Veeva Systems Inc. (NYSE:VEEV) by 62.7% during the third quarter, HoldingsChannel reports. The fund owned 4,078 shares of the technology company’s stock after selling 6,842 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Veeva Systems were worth $856,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems during the third quarter valued at approximately $26,000. Advisors Asset Management Inc. acquired a new stake in shares of Veeva Systems in the 1st quarter worth $28,000. Blue Trust Inc. grew its stake in Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after buying an additional 173 shares during the last quarter. DT Investment Partners LLC purchased a new position in Veeva Systems during the 2nd quarter worth $35,000. Finally, Mather Group LLC. raised its stake in Veeva Systems by 166.3% in the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock valued at $46,000 after buying an additional 158 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

Shares of VEEV stock opened at $213.29 on Friday. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68. The company has a market cap of $34.54 billion, a price-to-earnings ratio of 59.39, a PEG ratio of 2.25 and a beta of 0.81. The stock has a 50 day simple moving average of $215.42 and a 200-day simple moving average of $200.69.

Veeva Systems (NYSE:VEEV) last posted 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 for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Raymond James upped their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Barclays lifted 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. Royal Bank of Canada upped their target price on Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Finally, BNP Paribas initiated coverage on Veeva Systems in a research report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $237.00.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. This trade represents a 20.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

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.