ARK Investment Management LLC Sells 34,105 Shares of Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,753 shares of the technology company's stock after selling 34,105 shares during the quarter. ARK Investment Management LLC owned about 0.08% of Veeva Systems worth $28,071,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $26,000. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems in the 1st quarter valued at approximately $28,000. Blue Trust Inc. grew its holdings in shares of 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 purchasing an additional 173 shares in the last quarter. DT Investment Partners LLC bought a new position in Veeva Systems in the 2nd quarter valued at $35,000. Finally, Larson Financial Group LLC increased its holdings in Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company's stock valued at $38,000 after purchasing an additional 150 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of VEEV traded up $11.63 during midday trading on Friday, hitting $235.02. The stock had a trading volume of 2,472,466 shares, compared to its average volume of 943,623. The company has a 50 day simple moving average of $213.98 and a two-hundred day simple moving average of $199.75. The firm has a market cap of $38.06 billion, a price-to-earnings ratio of 62.67, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $240.68.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The company had revenue of $676.18 million during the quarter, compared to analysts' expectations of $667.21 million. Analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on VEEV. UBS Group lifted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a "neutral" rating in a report on Monday, August 26th. Guggenheim raised their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Raymond James increased their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an "outperform" rating in a report on Thursday, August 29th. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the company a "neutral" rating in a research note on Monday, September 9th. Finally, Truist Financial boosted their price target on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a "hold" rating in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $237.00.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares of the company's stock, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 10.50% of the company's stock.

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.