Hartline Investment Corp Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Hartline Investment Corp reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 16.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,079 shares of the technology company’s stock after selling 1,644 shares during the period. Hartline Investment Corp’s holdings in Veeva Systems were worth $1,555,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VEEV. F M Investments LLC purchased a new stake in shares of Veeva Systems in the fourth quarter worth $1,716,000. Yousif Capital Management LLC increased its stake in shares of Veeva Systems by 3.5% in the fourth quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock worth $342,000 after purchasing an additional 60 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Veeva Systems in the fourth quarter worth $158,000. Trust Co of Kansas increased its stake in shares of Veeva Systems by 5.7% in the fourth quarter. Trust Co of Kansas now owns 24,703 shares of the technology company’s stock worth $4,756,000 after purchasing an additional 1,325 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC increased its stake in shares of Veeva Systems by 2.0% in the fourth quarter. Linden Thomas Advisory Services LLC now owns 10,141 shares of the technology company’s stock worth $1,952,000 after purchasing an additional 201 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of VEEV traded down $0.58 during trading hours on Wednesday, hitting $200.52. The stock had a trading volume of 550,205 shares, compared to its average volume of 975,580. The firm has a 50-day moving average price of $220.53 and a 200 day moving average price of $202.75. Veeva Systems Inc. has a fifty-two week low of $160.21 and a fifty-two week high of $236.90. The firm has a market capitalization of $32.35 billion, a price-to-earnings ratio of 62.41, a PEG ratio of 2.01 and a beta of 0.74.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 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 fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on VEEV shares. Robert W. Baird raised their target price on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. JPMorgan Chase & Co. increased their price objective on shares of Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. KeyCorp increased their price objective on shares of Veeva Systems from $232.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, March 5th. Raymond James reiterated an “outperform” rating and set a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday, March 26th. Finally, Truist Financial increased their price objective on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.90.

Insider Transactions at Veeva Systems

In related news, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the completion of the sale, the director now owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 3,391 shares of the stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total transaction of $681,116.26. Following the transaction, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock valued at $4,818,013 over the last 90 days. 10.98% of the stock is currently owned by corporate 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.