SpiderRock Advisors LLC Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

SpiderRock Advisors LLC cut its position in Veeva Systems Inc. (NYSE:VEEV) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,102 shares of the technology company’s stock after selling 134 shares during the quarter. SpiderRock Advisors LLC’s holdings in Veeva Systems were worth $651,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC grew its position in shares of Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after acquiring an additional 48 shares during the last quarter. Clearbridge Investments LLC grew its position in Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares during the last quarter. Western Pacific Wealth Management LP increased its stake in Veeva Systems by 23.3% in the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after purchasing an additional 58 shares during the period. Park Place Capital Corp raised its holdings in shares of Veeva Systems by 11.5% in the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after buying an additional 59 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its stake in shares of Veeva Systems by 13.4% during the third quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock worth $108,000 after buying an additional 61 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on VEEV. Royal Bank of Canada boosted their price target on Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday. Piper Sandler boosted their target price on Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial lifted their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Guggenheim lifted their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $237.00.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $235.00 on Monday. The firm’s 50-day moving average is $213.98 and its two-hundred day moving average is $199.75. The company has a market capitalization of $38.05 billion, a PE ratio of 62.67, a price-to-earnings-growth ratio of 2.29 and a beta of 0.81. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $240.68.

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

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the company’s 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 transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems 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.