California Public Employees Retirement System Sells 9,409 Shares of Veeva Systems Inc. (NYSE:VEEV)

California Public Employees Retirement System cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.5% in the 4th quarter, HoldingsChannel reports. The firm owned 258,913 shares of the technology company’s stock after selling 9,409 shares during the period. California Public Employees Retirement System’s holdings in Veeva Systems were worth $49,846,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of VEEV. UMB Bank n.a. lifted its holdings in shares of Veeva Systems by 2.5% in the 3rd quarter. UMB Bank n.a. now owns 2,103 shares of the technology company’s stock worth $428,000 after acquiring an additional 51 shares during the last quarter. NewEdge Wealth LLC increased its stake in shares of Veeva Systems by 0.6% in the third quarter. NewEdge Wealth LLC now owns 10,059 shares of the technology company’s stock worth $2,047,000 after buying an additional 60 shares during the period. Personal CFO Solutions LLC increased its stake in shares of Veeva Systems by 5.9% in the third quarter. Personal CFO Solutions LLC now owns 1,091 shares of the technology company’s stock worth $222,000 after buying an additional 61 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Veeva Systems by 3.4% in the third quarter. Sequoia Financial Advisors LLC now owns 1,940 shares of the technology company’s stock worth $395,000 after buying an additional 63 shares during the period. Finally, Cape Investment Advisory Inc. increased its stake in shares of Veeva Systems by 3.0% in the third quarter. Cape Investment Advisory Inc. now owns 2,180 shares of the technology company’s stock worth $444,000 after buying an additional 64 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $199.10 on Friday. The stock has a market cap of $32.12 billion, a price-to-earnings ratio of 61.83, a PEG ratio of 2.03 and a beta of 0.74. The firm’s 50-day moving average is $219.63 and its 200 day moving average is $202.71. Veeva Systems Inc. has a 1 year low of $160.21 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. The company had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. On average, equities analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on VEEV. Robert W. Baird lifted their target price on shares of Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. The Goldman Sachs Group boosted their price objective on shares of Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. Raymond James reissued an “outperform” rating and set a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday, March 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research report on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $234.90.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the transaction, the executive vice president now owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The disclosure for this sale can be found here. Insiders have sold a total of 21,989 shares of company stock worth $4,818,013 in the last quarter. Corporate insiders own 10.98% of the company’s stock.

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.