ICICI Prudential Asset Management Co Ltd Has $8.60 Million Position in Veeva Systems Inc. (NYSE:VEEV)

ICICI Prudential Asset Management Co Ltd lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 18.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,982 shares of the technology company's stock after selling 9,324 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Veeva Systems were worth $8,601,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. lifted its position in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after buying an additional 1,267,061 shares in the last quarter. Vanguard Group Inc. raised its holdings in Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company's stock worth $3,278,430,000 after acquiring an additional 991,208 shares in the last quarter. Swedbank AB bought a new position in Veeva Systems in the first quarter valued at approximately $227,673,000. Matrix Capital Management Company LP increased its position in shares of Veeva Systems by 635.4% during the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company's stock worth $115,572,000 after purchasing an additional 430,989 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Veeva Systems by 83.8% during the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company's stock worth $143,235,000 after purchasing an additional 281,993 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Price Performance

Shares of VEEV stock traded down $3.15 on Wednesday, hitting $233.37. 650,374 shares of the company's stock were exchanged, compared to its average volume of 943,162. The company has a 50 day moving average of $214.81 and a 200 day moving average of $200.26. The stock has a market cap of $37.79 billion, a P/E ratio of 62.60, a price-to-earnings-growth ratio of 2.28 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. The company 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%. Sell-side analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was 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 directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The stock was 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 approximately $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The stock was 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 directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a report on Monday, September 9th. Needham & Company LLC restated a "buy" rating and issued a $260.00 price target on shares of Veeva Systems in a research note on Friday, November 8th. Raymond James lifted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Barclays increased their price objective on shares of Veeva Systems from $240.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Finally, TD Cowen lifted their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a "hold" rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $237.00.

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.