Cornercap Investment Counsel Inc. Sells 3,487 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cornercap Investment Counsel Inc. lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 31.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,741 shares of the technology company's stock after selling 3,487 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Veeva Systems were worth $1,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. General American Investors Co. Inc. acquired a new position in shares of Veeva Systems in the third quarter valued at about $5,133,000. Procyon Advisors LLC purchased a new stake in shares of Veeva Systems during the third quarter worth $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 buying an additional 9,232 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Veeva Systems by 46.9% in the first 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. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 20.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company's stock, valued at $6,483,390.13. This represents a 4.00 % 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 company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VEEV shares. Raymond James raised their price target on Veeva Systems from $230.00 to $235.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. Needham & Company LLC reissued a "buy" rating and set a $260.00 price target on shares of Veeva Systems in a report on Friday, November 8th. TD Cowen raised their price target on Veeva Systems from $180.00 to $192.00 and gave the company a "hold" rating in a report on Thursday, August 29th. UBS Group boosted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. raised their price target on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a research note on Monday, September 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $237.00.

Veeva Systems Trading Down 7.1 %

VEEV traded down $16.35 during trading on Friday, reaching $213.36. 1,859,439 shares of the company were exchanged, compared to its average volume of 947,623. The firm has a 50 day moving average of $215.42 and a 200 day moving average of $200.69. The stock has a market cap of $34.55 billion, a P/E ratio of 59.39, a PEG ratio of 2.25 and a beta of 0.81. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68.

Veeva Systems (NYSE:VEEV - Get Free Report) 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. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million during the quarter, compared to analysts' expectations of $667.21 million. As a group, analysts forecast that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

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.