OVERSEA CHINESE BANKING Corp Ltd Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

OVERSEA CHINESE BANKING Corp Ltd trimmed its position in Veeva Systems Inc. (NYSE:VEEV) by 13.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,119 shares of the technology company’s stock after selling 823 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Veeva Systems were worth $1,073,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC grew its position in shares of 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 purchasing an additional 48 shares during the period. Clearbridge Investments LLC boosted its stake in Veeva Systems by 0.4% in the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after buying an additional 52 shares during the last quarter. Western Pacific Wealth Management LP grew its holdings in Veeva Systems by 23.3% in the 1st quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after buying an additional 58 shares during the period. Park Place Capital Corp increased its stake in shares of Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after acquiring an additional 59 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. lifted its holdings in shares of Veeva Systems by 13.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock worth $108,000 after acquiring an additional 61 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on VEEV. Bank of America boosted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. UBS Group boosted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Raymond James increased their target price on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Piper Sandler lifted their target price on Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $237.00.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

NYSE:VEEV opened at $236.49 on Wednesday. The firm has a 50-day moving average of $214.39 and a two-hundred day moving average of $200.01. The stock has a market cap of $38.29 billion, a P/E ratio of 63.06, a PEG ratio of 2.29 and a beta of 0.81. Veeva Systems Inc. has a 1-year low of $162.85 and a 1-year high of $240.68.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating 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 firm had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. As a group, equities analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current 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.