Veeva Systems Inc. (NYSE:VEEV) Holdings Decreased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 60.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 83,976 shares of the technology company's stock after selling 126,659 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.05% of Veeva Systems worth $15,368,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in VEEV. Dimensional Fund Advisors LP lifted its stake in Veeva Systems by 5.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 280,098 shares of the technology company's stock valued at $53,926,000 after buying an additional 14,062 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Veeva Systems by 42.2% in the fourth quarter. Wells Fargo & Company MN now owns 147,951 shares of the technology company's stock valued at $28,484,000 after buying an additional 43,909 shares during the last quarter. Corient Private Wealth LLC lifted its stake in Veeva Systems by 1.4% in the fourth quarter. Corient Private Wealth LLC now owns 10,792 shares of the technology company's stock valued at $2,078,000 after buying an additional 148 shares during the last quarter. US Bancorp DE lifted its stake in Veeva Systems by 3.2% in the fourth quarter. US Bancorp DE now owns 40,749 shares of the technology company's stock valued at $7,845,000 after buying an additional 1,275 shares during the last quarter. Finally, SageView Advisory Group LLC purchased a new stake in Veeva Systems in the fourth quarter valued at approximately $320,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

Shares of VEEV stock traded down $2.23 during trading hours on Wednesday, reaching $205.68. The company had a trading volume of 585,362 shares, compared to its average volume of 971,799. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a market capitalization of $33.31 billion, a P/E ratio of 61.32, a price-to-earnings-growth ratio of 2.05 and a beta of 0.81. The stock's fifty day simple moving average is $200.18 and its 200 day simple moving average is $201.15.

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

Analyst Ratings Changes

Several research firms have recently commented on VEEV. Citigroup upped their price target on Veeva Systems from $256.00 to $273.00 and gave the stock a "buy" rating in a research note on Tuesday, August 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $260.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. Stifel Nicolaus dropped their price objective on Veeva Systems from $250.00 to $210.00 and set a "buy" rating on the stock in a report on Friday, May 31st. Evercore ISI dropped their price objective on Veeva Systems from $230.00 to $200.00 and set an "in-line" rating on the stock in a report on Friday, May 31st. Finally, Guggenheim upped their target price on Veeva Systems from $211.00 to $233.00 and gave the company a "buy" rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $229.96.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 10.50% of the company's stock.

Veeva Systems 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.