Y.D. More Investments Ltd Cuts Stock Position in Veeva Systems Inc. $VEEV

Y.D. More Investments Ltd cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 19.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,838 shares of the technology company’s stock after selling 4,135 shares during the quarter. Y.D. More Investments Ltd’s holdings in Veeva Systems were worth $5,016,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of VEEV. GPS Wealth Strategies Group LLC grew its holdings in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after acquiring an additional 55 shares during the period. OLD Second National Bank of Aurora acquired a new stake in shares of Veeva Systems in the third quarter valued at about $30,000. Legacy Investment Solutions LLC purchased a new stake in Veeva Systems during the second quarter worth about $32,000. Cary Street Partners Investment Advisory LLC grew its position in Veeva Systems by 58.3% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock worth $38,000 after buying an additional 49 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in Veeva Systems in the second quarter valued at about $41,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VEEV. KeyCorp reissued a “sector weight” rating on shares of Veeva Systems in a research note on Friday, December 12th. UBS Group reduced their price objective on Veeva Systems from $310.00 to $280.00 and set a “neutral” rating for the company in a report on Friday, November 21st. The Goldman Sachs Group initiated coverage on Veeva Systems in a report on Tuesday, January 13th. They issued a “sell” rating and a $215.00 target price on the stock. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Veeva Systems in a research note on Tuesday, November 25th. Finally, BMO Capital Markets initiated coverage on shares of Veeva Systems in a research note on Thursday, November 13th. They issued a “market perform” rating and a $300.00 price objective on the stock. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $307.33.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of the firm’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.30% of the company’s stock.

Veeva Systems Price Performance

NYSE:VEEV traded up $2.80 during mid-day trading on Friday, reaching $185.37. The stock had a trading volume of 57,450 shares, compared to its average volume of 2,139,697. The company has a market capitalization of $30.47 billion, a price-to-earnings ratio of 35.73, a price-to-earnings-growth ratio of 1.25 and a beta of 1.08. The stock’s 50 day simple moving average is $211.84 and its two-hundred day simple moving average is $254.82. Veeva Systems Inc. has a 1-year low of $168.13 and a 1-year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, November 20th. The technology company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.09. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The firm had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $792.37 million. During the same period last year, the business posted $1.75 earnings per share. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. Sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems declared that its Board of Directors has initiated a stock buyback program on Monday, January 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 5.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Veeva Systems Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.