Assenagon Asset Management S.A. Decreases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Assenagon Asset Management S.A. cut its stake in Veeva Systems Inc. (NYSE:VEEV) by 31.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,279 shares of the technology company’s stock after selling 9,838 shares during the period. Assenagon Asset Management S.A.’s holdings in Veeva Systems were worth $4,466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Clearbridge Investments LLC raised its stake in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after buying an additional 52 shares in the last quarter. Western Pacific Wealth Management LP increased its position in shares of Veeva Systems by 23.3% during 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. Park Place Capital Corp increased its position in shares of Veeva Systems by 11.5% during the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after purchasing an additional 59 shares in the last quarter. OV Management LLC increased its position in shares of Veeva Systems by 1.0% during the second quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock worth $1,219,000 after purchasing an additional 63 shares in the last quarter. Finally, Simplicity Wealth LLC increased its position in shares of Veeva Systems by 1.7% during the second quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock worth $737,000 after purchasing an additional 69 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VEEV shares. TD Cowen lifted their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Barclays lifted their target price on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. Finally, UBS Group boosted their price target on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $232.87.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by insiders.

Veeva Systems Price Performance

NYSE:VEEV opened at $213.77 on Wednesday. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90. The firm has a market capitalization of $34.62 billion, a P/E ratio of 57.01, a P/E/G ratio of 2.06 and a beta of 0.81. The business has a 50 day simple moving average of $211.85 and a 200 day simple moving average of $198.78.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $667.21 million. Research analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

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.