Fortis Capital Advisors LLC Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Fortis Capital Advisors LLC lessened its position in Veeva Systems Inc. (NYSE:VEEVFree Report) by 20.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,600 shares of the technology company’s stock after selling 900 shares during the quarter. Fortis Capital Advisors LLC’s holdings in Veeva Systems were worth $693,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. Yousif Capital Management LLC lifted its stake in shares of Veeva Systems by 5.5% in the 3rd quarter. Yousif Capital Management LLC now owns 1,717 shares of the technology company’s stock valued at $349,000 after purchasing an additional 90 shares during the period. Principal Financial Group Inc. increased its position in Veeva Systems by 160.9% during the 3rd quarter. Principal Financial Group Inc. now owns 73,760 shares of the technology company’s stock valued at $15,006,000 after buying an additional 45,489 shares in the last quarter. US Bancorp DE increased its position in Veeva Systems by 3.6% during the 3rd quarter. US Bancorp DE now owns 39,474 shares of the technology company’s stock valued at $8,031,000 after buying an additional 1,369 shares in the last quarter. Signaturefd LLC increased its position in Veeva Systems by 18.1% during the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $265,000 after buying an additional 200 shares in the last quarter. Finally, Ieq Capital LLC increased its position in Veeva Systems by 9.1% during the 3rd quarter. Ieq Capital LLC now owns 6,758 shares of the technology company’s stock valued at $1,375,000 after buying an additional 566 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the transaction, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the transaction, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The sale 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 business’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 completion of the transaction, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,989 shares of company stock worth $4,818,013. Corporate insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research report on Wednesday, March 27th. UBS Group raised their price objective on Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, February 22nd. Robert W. Baird raised their price objective on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Finally, JPMorgan Chase & Co. lifted their target price on Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a report on Wednesday, March 13th. 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 stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.90.

Read Our Latest Analysis on VEEV

Veeva Systems Price Performance

Shares of VEEV traded down $0.69 during trading hours on Friday, hitting $203.89. The stock had a trading volume of 600,576 shares, compared to its average volume of 664,268. Veeva Systems Inc. has a 12 month low of $161.39 and a 12 month high of $236.90. The firm has a market capitalization of $32.89 billion, a PE ratio of 63.32, a PEG ratio of 1.95 and a beta of 0.76. The stock has a fifty day moving average price of $211.14 and a 200 day moving average price of $203.29.

Veeva Systems (NYSE:VEEVGet Free Report) last issued its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.81 by $0.11. The company had revenue of $630.62 million during the quarter, compared to analyst estimates of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. As a group, analysts anticipate that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Veeva Systems Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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