Cornell Pochily Investment Advisors Inc. Cuts Stock Holdings in Veeva Systems Inc. $VEEV

Cornell Pochily Investment Advisors Inc. trimmed its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 15.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,008 shares of the technology company’s stock after selling 529 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Veeva Systems were worth $866,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. J2 Capital Management Inc lifted its position in Veeva Systems by 32.5% during the second quarter. J2 Capital Management Inc now owns 2,524 shares of the technology company’s stock valued at $727,000 after purchasing an additional 619 shares during the last quarter. ASR Vermogensbeheer N.V. lifted its position in Veeva Systems by 64.2% during the second quarter. ASR Vermogensbeheer N.V. now owns 5,167 shares of the technology company’s stock valued at $1,488,000 after purchasing an additional 2,020 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Veeva Systems by 75.3% during the second quarter. Robeco Institutional Asset Management B.V. now owns 749,418 shares of the technology company’s stock valued at $215,817,000 after purchasing an additional 321,853 shares during the last quarter. Precision Wealth Strategies LLC bought a new position in Veeva Systems during the second quarter valued at $612,000. Finally, USA Financial Formulas bought a new position in Veeva Systems during the second quarter valued at $193,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of VEEV opened at $300.43 on Friday. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $300.88. The company has a 50-day moving average of $281.57 and a 200 day moving average of $262.34. The firm has a market capitalization of $49.24 billion, a price-to-earnings ratio of 61.69, a PEG ratio of 2.26 and a beta of 0.98.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Citigroup increased their price objective on shares of Veeva Systems from $329.00 to $349.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Truist Financial increased their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the company a “hold” rating in a research report on Thursday, August 28th. Oppenheimer restated an “outperform” rating and issued a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Morgan Stanley lifted their price target on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a research note on Thursday, August 28th. Finally, Mizuho lifted their price target on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an “outperform” rating in a research note on Friday, August 29th. Sixteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $303.67.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares of the company’s stock, valued at $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.30% 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.