Patriot Financial Group Insurance Agency LLC Sells 474 Shares of Veeva Systems Inc. (NYSE:VEEV)

Patriot Financial Group Insurance Agency LLC decreased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 6.8% during the first quarter, HoldingsChannel.com reports. The firm owned 6,501 shares of the technology company’s stock after selling 474 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Veeva Systems were worth $1,506,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in VEEV. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the fourth quarter worth approximately $685,355,000. Norges Bank purchased a new stake in shares of Veeva Systems in the 4th quarter worth $294,785,000. JPMorgan Chase & Co. increased its stake in shares of Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares during the period. Wealthfront Advisers LLC increased its stake in shares of Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after buying an additional 1,045,188 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after acquiring an additional 784,741 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VEEV. Barclays increased their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Piper Sandler lifted their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. KeyCorp reduced their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Stifel Nicolaus lifted their price target on Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Finally, Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.80.

Veeva Systems Stock Performance

Veeva Systems stock opened at $285.08 on Monday. The business’s 50-day simple moving average is $235.57 and its two-hundred day simple moving average is $230.33. The company has a market cap of $46.38 billion, a PE ratio of 70.39, a PEG ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a fifty-two week low of $176.41 and a fifty-two week high of $291.68.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same quarter in the previous year, the company posted $1.50 earnings per share. The company’s revenue was up 16.7% compared to the same quarter last year. As a group, analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 in the last ninety days. Insiders own 10.30% 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.