Investment Research & Advisory Group Inc. Sells 274 Shares of Veeva Systems Inc. (NYSE:VEEV)

Investment Research & Advisory Group Inc. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,363 shares of the technology company’s stock after selling 274 shares during the period. Investment Research & Advisory Group Inc.’s holdings in Veeva Systems were worth $2,595,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in VEEV. Mcdaniel Terry & Co. bought a new position in Veeva Systems in the 3rd quarter valued at about $201,000. IFM Investors Pty Ltd increased its stake in Veeva Systems by 0.4% in the third quarter. IFM Investors Pty Ltd now owns 29,486 shares of the technology company’s stock valued at $6,188,000 after acquiring an additional 109 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Veeva Systems during the third quarter valued at approximately $26,000. Fairman Group LLC raised its position in Veeva Systems by 120.3% during the third quarter. Fairman Group LLC now owns 27,065 shares of the technology company’s stock valued at $5,680,000 after purchasing an additional 14,778 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new stake in Veeva Systems during the third quarter worth $307,000. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent analyst reports. TD Cowen lifted their target price on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Raymond James lifted their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 price objective on shares of Veeva Systems in a research note on Thursday, August 29th. BTIG Research started coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 target price on the stock. Finally, Bank of America increased their price target on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $232.96.

Veeva Systems Price Performance

Shares of VEEV opened at $212.61 on Friday. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The company has a market cap of $34.43 billion, a PE ratio of 56.70, a P/E/G ratio of 2.13 and a beta of 0.81. The stock has a 50-day moving average of $210.29 and a 200-day moving average of $198.85.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The firm 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%. Analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Buying and Selling

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

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.