Cherry Creek Investment Advisors Inc. Sells 1,430 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cherry Creek Investment Advisors Inc. cut its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 41.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,023 shares of the technology company’s stock after selling 1,430 shares during the period. Cherry Creek Investment Advisors Inc.’s holdings in Veeva Systems were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems in the 1st quarter valued at $28,000. First Financial Corp IN purchased a new position in shares of Veeva Systems in the 1st quarter valued at $35,000. Larson Financial Group LLC increased its holdings in shares of Veeva Systems by 1,153.8% in the 1st quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after acquiring an additional 150 shares during the period. Blue Trust Inc. increased its holdings in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the period. Finally, DT Investment Partners LLC purchased a new position in shares of Veeva Systems in the 2nd quarter valued at $35,000. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Down 0.9 %

Shares of VEEV stock opened at $217.68 on Thursday. The stock has a market cap of $35.25 billion, a PE ratio of 58.05, a price-to-earnings-growth ratio of 2.13 and a beta of 0.81. The business has a 50-day simple moving average of $210.29 and a 200-day simple moving average of $198.85. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. Sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on VEEV. Barclays lifted their price target on Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Robert W. Baird boosted their target price on Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price on the stock. Raymond James boosted their target price on Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, BTIG Research initiated coverage on Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $232.96.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by insiders.

Veeva Systems Company Profile

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.