Russell Investments Group Ltd. Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Russell Investments Group Ltd. cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 24.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,328 shares of the technology company’s stock after selling 50,038 shares during the quarter. Russell Investments Group Ltd. owned about 0.10% of Veeva Systems worth $30,494,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of VEEV. OFI Invest Asset Management purchased a new position in shares of Veeva Systems during the 3rd quarter worth $25,000. Operose Advisors LLC purchased a new position in Veeva Systems during the 3rd quarter valued at about $29,000. Parkside Financial Bank & Trust boosted its holdings in Veeva Systems by 81.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 171 shares of the technology company’s stock valued at $35,000 after acquiring an additional 77 shares during the period. Atticus Wealth Management LLC boosted its holdings in Veeva Systems by 500.0% during the 3rd quarter. Atticus Wealth Management LLC now owns 180 shares of the technology company’s stock valued at $37,000 after acquiring an additional 150 shares during the period. Finally, Nkcfo LLC boosted its holdings in Veeva Systems by 54.7% during the 3rd quarter. Nkcfo LLC now owns 232 shares of the technology company’s stock valued at $47,000 after acquiring an additional 82 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.5 %

VEEV opened at $198.53 on Wednesday. The firm has a market cap of $32.03 billion, a price-to-earnings ratio of 61.66, a price-to-earnings-growth ratio of 2.04 and a beta of 0.74. Veeva Systems Inc. has a 52 week low of $160.21 and a 52 week high of $236.90. The business’s 50 day moving average is $218.51 and its two-hundred day moving average is $202.22.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results 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 for 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%. Equities analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction that occurred on 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 approximately $4,415,505.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $207.42, for a total value of $746,297.16. Following the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the transaction, the executive vice president now owns 21,983 shares in the company, valued at $4,415,505.38. The disclosure for this sale can be found here. Insiders have sold a total of 21,989 shares of company stock valued at $4,818,013 over the last quarter. Company insiders own 10.98% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on VEEV. Jefferies Financial Group raised their target price on Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 4th. Piper Sandler raised their target price on Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a research note on Thursday, February 22nd. UBS Group lifted their price objective on Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a research note on Monday, February 26th. Finally, Barclays lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.90.

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.