Goodman Advisory Group LLC Lowers Stake in Veeva Systems Inc. (NYSE:VEEV)

Goodman Advisory Group LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 7.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,665 shares of the technology company’s stock after selling 1,243 shares during the period. Goodman Advisory Group LLC’s holdings in Veeva Systems were worth $2,684,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of VEEV. APG Asset Management US Inc. bought a new position in Veeva Systems during the 4th quarter worth $5,756,000. Eisler Capital UK Ltd. bought a new position in Veeva Systems during the fourth quarter valued at about $1,408,000. Oberndorf William E bought a new position in shares of Veeva Systems during the 4th quarter valued at about $8,011,000. Envestnet Portfolio Solutions Inc. lifted its position in shares of Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after acquiring an additional 9,232 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Veeva Systems by 30.8% in the 1st quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after purchasing an additional 20,982 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. Raymond James lifted their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Truist Financial raised their price objective on Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. increased their price target on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Canaccord Genuity Group decreased their price target on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research note on Friday, May 31st. Finally, Guggenheim lifted their target price on shares of Veeva Systems from $211.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $229.96.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction on Wednesday, August 21st. The stock was 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 directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $210.90 on Friday. The stock has a fifty day simple moving average of $201.22 and a two-hundred day simple moving average of $201.23. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The firm has a market capitalization of $34.15 billion, a PE ratio of 62.21, a PEG ratio of 2.02 and a beta of 0.81.

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

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.