Thrivent Financial for Lutherans Reduces Position in Veeva Systems Inc. (NYSE:VEEV)

Thrivent Financial for Lutherans lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,454 shares of the technology company's stock after selling 19,143 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.05% of Veeva Systems worth $18,564,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems during the third quarter valued at approximately $26,000. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems in the 1st quarter valued at $28,000. Blue Trust Inc. raised its position in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock worth $33,000 after acquiring an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new stake in shares of Veeva Systems during the 2nd quarter worth $35,000. Finally, Mather Group LLC. boosted its position in Veeva Systems by 166.3% during the second quarter. Mather Group LLC. now owns 253 shares of the technology company's stock valued at $46,000 after purchasing an additional 158 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

VEEV stock traded up $3.59 during trading on Thursday, hitting $214.22. 693,521 shares of the company traded hands, compared to its average volume of 952,956. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year high of $240.68. The stock's 50-day simple moving average is $214.57 and its 200 day simple moving average is $201.09. The company has a market cap of $34.69 billion, a PE ratio of 57.13, a P/E/G ratio of 2.03 and a beta of 0.81.

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

Insider Activity

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 sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 10.50% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Scotiabank began coverage on shares of Veeva Systems in a research report on Monday. They set a "sector perform" rating and a $235.00 price target for the company. Barclays increased their target price 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. Truist Financial lifted their price target on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a "hold" rating in a report on Tuesday, September 3rd. Piper Sandler increased their price objective on Veeva Systems from $230.00 to $280.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Finally, BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an "outperform" rating and a $286.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $236.92.

Veeva Systems Company 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.