State of Alaska Department of Revenue Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

State of Alaska Department of Revenue lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 54.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,160 shares of the technology company's stock after selling 5,020 shares during the quarter. State of Alaska Department of Revenue's holdings in Veeva Systems were worth $873,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems in the third quarter valued at approximately $26,000. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems in the first quarter valued at approximately $28,000. Blue Trust Inc. boosted its position in shares of Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock valued at $33,000 after acquiring an additional 173 shares during the period. DT Investment Partners LLC bought a new position in shares of Veeva Systems in the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC boosted its position in shares of 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 acquiring an additional 150 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Price Performance

NYSE:VEEV traded up $3.80 during trading hours on Wednesday, hitting $216.45. The company had a trading volume of 842,032 shares, compared to its average volume of 935,183. The company has a market capitalization of $35.05 billion, a PE ratio of 56.70, a price-to-earnings-growth ratio of 2.07 and a beta of 0.81. The stock has a 50-day moving average price of $213.14 and a 200 day moving average price of $199.22. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $236.90.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share 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 for the quarter, compared to analysts' expectations of $667.21 million. Analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on VEEV shares. JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the company a "neutral" rating in a research report on Monday, September 9th. BTIG Research started coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They issued a "buy" rating and a $240.00 target price on the stock. TD Cowen raised their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the company a "hold" rating in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $250.00 target price on shares of Veeva Systems in a research note on Thursday, August 29th. Finally, Guggenheim raised their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $232.87.

Insider Activity

In other news, SVP Jonathan Faddis sold 2,353 shares of the business's stock in a transaction on Wednesday, August 21st. The shares were 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 in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company 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.