Insider Selling: Veeva Systems Inc. (NYSE:VEEV) CAO Sells 57 Shares of Stock

Veeva Systems Inc. (NYSE:VEEV) CAO Michele O’connor sold 57 shares of the firm’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $265.98, for a total value of $15,160.86. Following the transaction, the chief accounting officer now owns 225 shares of the company’s stock, valued at $59,845.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Shares of VEEV opened at $260.38 on Thursday. The business’s 50 day moving average is $270.06 and its 200 day moving average is $279.14. The company has a market capitalization of $39.44 billion, a PE ratio of 121.67, a price-to-earnings-growth ratio of 9.41 and a beta of 0.84. Veeva Systems Inc. has a 12-month low of $152.24 and a 12-month high of $325.54.

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Veeva Systems (NYSE:VEEV) last issued its earnings results on Monday, March 1st. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.10. The company had revenue of $396.80 million for the quarter, compared to the consensus estimate of $380.20 million. Veeva Systems had a return on equity of 15.73% and a net margin of 24.88%. The firm’s quarterly revenue was up 27.4% on a year-over-year basis. During the same quarter last year, the company earned $0.54 EPS. On average, equities research analysts predict that Veeva Systems Inc. will post 1.95 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of VEEV. Cetera Advisor Networks LLC raised its stake in Veeva Systems by 19.4% during the 3rd quarter. Cetera Advisor Networks LLC now owns 2,434 shares of the technology company’s stock valued at $684,000 after purchasing an additional 396 shares during the period. Truist Financial Corp raised its stake in Veeva Systems by 37.0% during the 3rd quarter. Truist Financial Corp now owns 55,692 shares of the technology company’s stock valued at $15,660,000 after purchasing an additional 15,028 shares during the period. Wetherby Asset Management Inc. bought a new stake in Veeva Systems in the 3rd quarter worth approximately $332,000. Castleark Management LLC increased its stake in Veeva Systems by 22.1% in the 3rd quarter. Castleark Management LLC now owns 3,430 shares of the technology company’s stock worth $964,000 after acquiring an additional 620 shares during the last quarter. Finally, Engineers Gate Manager LP increased its stake in Veeva Systems by 16.9% in the 3rd quarter. Engineers Gate Manager LP now owns 8,887 shares of the technology company’s stock worth $2,499,000 after acquiring an additional 1,283 shares during the last quarter. 77.54% of the stock is currently owned by institutional investors.

Several equities research analysts recently commented on VEEV shares. Truist increased their price objective on Veeva Systems from $320.00 to $355.00 in a research report on Wednesday, March 3rd. Needham & Company LLC increased their price objective on Veeva Systems from $327.00 to $336.00 and gave the company a “buy” rating in a research report on Tuesday, March 9th. Citigroup increased their price objective on Veeva Systems from $320.00 to $335.00 and gave the company a “buy” rating in a research report on Wednesday, March 10th. UBS Group raised Veeva Systems from a “sell” rating to a “neutral” rating and increased their price objective for the company from $245.00 to $250.00 in a research report on Wednesday, March 31st. Finally, JPMorgan Chase & Co. cut Veeva Systems from a “neutral” rating to an “underweight” rating and set a $297.00 price objective on the stock. in a research report on Wednesday, December 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $299.04.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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