M&T Bank Corp Decreases Holdings in Veeva Systems Inc. (NYSE:VEEV)

M&T Bank Corp reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,560 shares of the technology company’s stock after selling 673 shares during the period. M&T Bank Corp’s holdings in Veeva Systems were worth $3,380,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after purchasing an additional 289,133 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Veeva Systems by 34.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after acquiring an additional 522,257 shares during the period. FMR LLC raised its position in Veeva Systems by 15.4% during the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock valued at $372,951,000 after purchasing an additional 244,599 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Veeva Systems by 22.6% in the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after buying an additional 327,662 shares during the period. Finally, Blair William & Co. IL increased its stake in shares of Veeva Systems by 0.9% during the third quarter. Blair William & Co. IL now owns 1,466,121 shares of the technology company’s stock valued at $298,282,000 after buying an additional 12,709 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In other news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was 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 in the company, valued at approximately $5,287,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total value of $746,297.16. Following the completion of the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at $2,212,756.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total transaction 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,989 shares of company stock worth $4,818,013. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $205.31 on Wednesday. The firm has a market cap of $33.12 billion, a price-to-earnings ratio of 63.76, a price-to-earnings-growth ratio of 2.05 and a beta of 0.76. The business has a 50-day simple moving average of $216.61 and a two-hundred day simple moving average of $202.11. Veeva Systems Inc. has a fifty-two week low of $160.21 and a fifty-two week high of $236.90.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.11. The firm had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. As a group, research analysts predict that Veeva Systems Inc. will post 4.11 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on VEEV. Robert W. Baird lifted their price target on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Truist Financial lifted their price objective on Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a research report on Friday, March 1st. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Stifel Nicolaus upped their price target on Veeva Systems from $205.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Finally, Barclays increased their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

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.