Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Brown Capital Management LLC

Brown Capital Management LLC trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 16.1% during the third quarter, HoldingsChannel.com reports. The firm owned 865,767 shares of the technology company’s stock after selling 165,585 shares during the period. Veeva Systems makes up about 3.9% of Brown Capital Management LLC’s portfolio, making the stock its 9th biggest holding. Brown Capital Management LLC’s holdings in Veeva Systems were worth $181,699,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC raised its holdings in Veeva Systems by 0.7% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after acquiring an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Veeva Systems by 1.2% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after purchasing an additional 50 shares in the last quarter. Clearbridge Investments LLC lifted its position in shares of Veeva Systems by 0.4% during the second 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 grew 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 worth $71,000 after purchasing an additional 58 shares in the last quarter. Finally, Park Place Capital Corp increased its holdings in 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. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of VEEV opened at $210.63 on Thursday. Veeva Systems Inc. has a 12-month low of $165.12 and a 12-month high of $240.68. The stock has a market capitalization of $34.11 billion, a P/E ratio of 56.17, a P/E/G ratio of 2.03 and a beta of 0.81. The firm’s 50 day moving average is $214.68 and its 200-day moving average is $201.00.

Veeva Systems (NYSE:VEEV) last posted 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. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, equities research analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VEEV shares. Truist Financial upped their price target on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Robert W. Baird decreased their target price on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a research note on Monday, October 28th. JPMorgan Chase & Co. raised their price target on Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. TD Cowen upped their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Finally, Scotiabank began coverage on shares of Veeva Systems in a report on Monday. They set a “sector perform” rating and a $235.00 price target for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $236.92.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.50% of the company’s stock.

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.