Los Angeles Capital Management LLC Reduces Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Los Angeles Capital Management LLC lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 62.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,078 shares of the technology company's stock after selling 6,842 shares during the period. Los Angeles Capital Management LLC's holdings in Veeva Systems were worth $856,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of Veeva Systems during the third quarter worth about $26,000. Advisors Asset Management Inc. purchased a new stake in Veeva Systems during the first quarter valued at about $28,000. Blue Trust Inc. lifted its stake in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock worth $33,000 after purchasing an additional 173 shares during the last quarter. DT Investment Partners LLC purchased a new position in shares of Veeva Systems in the 2nd quarter worth about $35,000. Finally, Mather Group LLC. increased its position in shares of Veeva Systems by 166.3% during the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company's stock valued at $46,000 after purchasing an additional 158 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America upped their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a "neutral" rating in a research note on Thursday, August 29th. Truist Financial upped their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the company a "hold" rating in a research note on Tuesday, September 3rd. Royal Bank of Canada boosted their price target on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $203.00 to $208.00 and gave the company a "neutral" rating in a research note on Monday, September 9th. Finally, Raymond James boosted their target price on Veeva Systems from $230.00 to $235.00 and gave the company an "outperform" rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $237.00.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $16.35 during trading on Friday, hitting $213.36. The company's stock had a trading volume of 1,860,003 shares, compared to its average volume of 876,947. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The company has a market capitalization of $34.55 billion, a PE ratio of 56.88, a P/E/G ratio of 2.22 and a beta of 0.81. The company has a fifty day simple moving average of $215.37 and a two-hundred day simple moving average of $200.77.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results 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 firm had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. As a group, analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated 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 sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. This represents a 20.66 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

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.