Cornell Pochily Investment Advisors Inc. Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Cornell Pochily Investment Advisors Inc. trimmed its stake in Veeva Systems Inc. (NYSE:VEEV) by 8.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,709 shares of the technology company’s stock after selling 321 shares during the quarter. Cornell Pochily Investment Advisors Inc.’s holdings in Veeva Systems were worth $714,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ARK Investment Management LLC boosted its stake in Veeva Systems by 13.5% in the fourth quarter. ARK Investment Management LLC now owns 226,786 shares of the technology company’s stock valued at $43,661,000 after acquiring an additional 26,958 shares during the last quarter. Columbia Trust Co 01012016 raised its position in shares of Veeva Systems by 25.1% in the fourth quarter. Columbia Trust Co 01012016 now owns 2,922 shares of the technology company’s stock valued at $563,000 after purchasing an additional 587 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Veeva Systems by 328.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 73,720 shares of the technology company’s stock valued at $14,193,000 after purchasing an additional 56,519 shares during the period. Pacer Advisors Inc. raised its position in shares of Veeva Systems by 8.1% in the fourth quarter. Pacer Advisors Inc. now owns 2,980 shares of the technology company’s stock valued at $574,000 after purchasing an additional 223 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Veeva Systems by 4.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 75,066 shares of the technology company’s stock valued at $14,452,000 after purchasing an additional 2,963 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $0.01 during trading on Thursday, hitting $233.38. The company’s stock had a trading volume of 105,651 shares, compared to its average volume of 955,185. The company has a fifty day simple moving average of $219.45 and a two-hundred day simple moving average of $201.94. The company has a market capitalization of $37.58 billion, a PE ratio of 72.52, a P/E/G ratio of 2.35 and a beta of 0.74. Veeva Systems Inc. has a 52 week low of $160.21 and a 52 week high of $236.90.

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on VEEV shares. Robert W. Baird boosted their price target on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Piper Sandler upped their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a report on Wednesday, March 13th. Needham & Company LLC upped their target price on shares of Veeva Systems from $220.00 to $260.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, KeyCorp upped their target price on shares of Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were 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 in the company, valued at approximately $5,287,301.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alan Mateo sold 910 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $204.72, for a total transaction of $186,295.20. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,500,359.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,498 shares of company stock worth $6,219,253. 10.98% of the stock is owned by corporate insiders.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.