Fifth Third Bancorp Sells 8,959 Shares of Veeva Systems Inc. (NYSE:VEEV)

Fifth Third Bancorp reduced its position in shares of Veeva Systems Inc. (NYSE:VEEVFree Report) by 46.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,307 shares of the technology company’s stock after selling 8,959 shares during the quarter. Fifth Third Bancorp’s holdings in Veeva Systems were worth $1,984,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bleakley Financial Group LLC raised its position in shares of Veeva Systems by 76.8% in the second quarter. Bleakley Financial Group LLC now owns 4,958 shares of the technology company’s stock valued at $980,000 after purchasing an additional 2,154 shares during the period. Nordea Investment Management AB raised its position in shares of Veeva Systems by 5.2% in the fourth quarter. Nordea Investment Management AB now owns 163,247 shares of the technology company’s stock valued at $31,730,000 after purchasing an additional 8,007 shares during the period. ICICI Prudential Asset Management Co Ltd raised its position in shares of Veeva Systems by 13.1% in the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 49,140 shares of the technology company’s stock valued at $9,460,000 after purchasing an additional 5,674 shares during the period. Treasurer of the State of North Carolina raised its position in shares of Veeva Systems by 5.7% in the second quarter. Treasurer of the State of North Carolina now owns 66,496 shares of the technology company’s stock valued at $13,148,000 after purchasing an additional 3,600 shares during the period. Finally, Aviva PLC raised its position in shares of Veeva Systems by 16.2% in the third quarter. Aviva PLC now owns 57,832 shares of the technology company’s stock valued at $11,766,000 after purchasing an additional 8,044 shares during the period. 88.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on VEEV shares. Truist Financial increased their price objective on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a research report on Friday, March 1st. UBS Group raised their price target on shares of Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a research note on Tuesday. The Goldman Sachs Group raised their price target on shares of Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Piper Sandler raised their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Get Our Latest Stock Analysis on Veeva Systems

Veeva Systems Stock Performance

Veeva Systems stock opened at $217.13 on Thursday. Veeva Systems Inc. has a 52-week low of $160.21 and a 52-week high of $236.90. The firm has a 50 day moving average price of $221.64 and a two-hundred day moving average price of $202.42. The firm has a market cap of $35.03 billion, a price-to-earnings ratio of 67.43, a PEG ratio of 2.19 and a beta of 0.74.

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

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on 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 sale, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction on Friday, January 5th. The shares were sold at an average price of $186.05, for a total value of $930,250.00. Following the completion of the sale, the director now owns 109,025 shares in the company, valued at approximately $20,284,101.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on 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 completion of the sale, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,498 shares of company stock worth $6,219,253. 10.98% of the stock is currently owned by insiders.

About Veeva Systems

(Free Report)

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.

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

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