Russell Investments Group Ltd. Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Russell Investments Group Ltd. lessened its stake in Veeva Systems Inc. (NYSE:VEEV) by 24.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 158,328 shares of the technology company’s stock after selling 50,038 shares during the period. Russell Investments Group Ltd.’s holdings in Veeva Systems were worth $30,494,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in VEEV. OFI Invest Asset Management bought a new stake in Veeva Systems during the third quarter valued at $25,000. Operose Advisors LLC bought a new stake in Veeva Systems during the third quarter valued at $29,000. Parkside Financial Bank & Trust boosted its holdings in shares of Veeva Systems by 81.9% during the third 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 shares of Veeva Systems by 500.0% during the third 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 shares of Veeva Systems by 54.7% during the third 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. Institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the subject of several analyst reports. Piper Sandler boosted their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, March 1st. UBS Group boosted their price target on shares of Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Truist Financial upped their price objective on shares of Veeva Systems from $187.00 to $203.00 and gave the stock a “hold” rating in a report on Friday, March 1st. The Goldman Sachs Group upped their price objective on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, Jefferies Financial Group upped their price target on shares of Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Veeva Systems Trading Down 1.5 %

VEEV stock opened at $198.53 on Wednesday. Veeva Systems Inc. has a one year low of $160.21 and a one year high of $236.90. The firm has a market capitalization of $32.03 billion, a PE ratio of 61.66, a P/E/G ratio of 2.04 and a beta of 0.74. The firm has a 50-day moving average of $218.51 and a two-hundred day moving average of $202.22.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million during the quarter, compared to analyst estimates of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.11 earnings per share for the current year.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred 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 directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred 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 directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the completion of the sale, the senior vice president now directly owns 10,668 shares of the company’s stock, valued at $2,212,756.56. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock valued at $4,818,013 over the last three months. 10.98% of the stock is owned by corporate insiders.

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.