GLOBALT Investments LLC GA Has $1.19 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

GLOBALT Investments LLC GA reduced its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,671 shares of the technology company’s stock after selling 279 shares during the period. GLOBALT Investments LLC GA’s holdings in Veeva Systems were worth $1,190,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Advisors Asset Management Inc. acquired a new stake in shares of Veeva Systems in the 1st quarter valued at approximately $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Veeva Systems during the third quarter worth $26,000. Blue Trust Inc. lifted its stake in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the last quarter. DT Investment Partners LLC bought a new position in shares of Veeva Systems in the 2nd quarter valued at about $35,000. Finally, Fairscale Capital LLC acquired a new position in shares of Veeva Systems during the 2nd quarter worth about $46,000. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

VEEV opened at $213.68 on Tuesday. Veeva Systems Inc. has a 52-week low of $165.12 and a 52-week high of $240.68. The firm has a market cap of $34.60 billion, a P/E ratio of 56.98, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. The business’s fifty day moving average is $215.19 and its 200-day moving average is $200.89.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, research analysts predict that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 20.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on shares of Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Robert W. Baird reduced their target price on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday, October 28th. Bank of America increased their price target on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Scotiabank initiated coverage on shares of Veeva Systems in a research report on Monday. They set a “sector perform” rating and a $235.00 price objective for the company. Finally, Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $236.92.

About Veeva Systems

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.