Cambridge Investment Research Advisors Inc. Sells 9,583 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cambridge Investment Research Advisors Inc. lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 14.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 55,799 shares of the technology company’s stock after selling 9,583 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Veeva Systems were worth $10,212,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VEEV. Facet Wealth Inc. boosted its stake in shares of Veeva Systems by 3.2% in the 4th quarter. Facet Wealth Inc. now owns 1,542 shares of the technology company’s stock valued at $323,000 after purchasing an additional 48 shares during the last quarter. Western Pacific Wealth Management LP grew its position in shares of 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 purchasing an additional 58 shares during the period. Yousif Capital Management LLC raised its holdings in shares of Veeva Systems by 3.5% during the fourth quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock worth $342,000 after acquiring an additional 60 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Veeva Systems by 14.7% in the 4th quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock valued at $102,000 after purchasing an additional 68 shares during the period. Finally, Simplicity Wealth LLC boosted its position in Veeva Systems by 1.7% during the 2nd quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock worth $737,000 after acquiring an additional 69 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.7 %

VEEV stock traded up $1.42 during trading on Tuesday, reaching $200.25. 831,558 shares of the stock were exchanged, compared to its average volume of 954,119. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The firm’s 50 day moving average is $186.98 and its 200 day moving average is $202.16. The firm has a market cap of $32.37 billion, a P/E ratio of 59.07, a price-to-earnings-growth ratio of 1.93 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The business had revenue of $650.35 million during the quarter, compared to analyst estimates of $641.73 million. As a group, analysts predict that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. Evercore ISI decreased their price objective on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a report on Friday, May 31st. Morgan Stanley cut their price objective on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research report on Friday, May 31st. Stifel Nicolaus decreased their price target on shares of Veeva Systems from $250.00 to $210.00 and set a “buy” rating on the stock in a research note on Friday, May 31st. Canaccord Genuity Group cut their target price on Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research report on Friday, May 31st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $230.41.

Insider Activity at Veeva Systems

In other news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Jonathan Faddis sold 2,353 shares of the company’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 transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the sale, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The disclosure for this sale can be found here. 10.50% of the stock is owned by 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.