Y.D. More Investments Ltd Sells 4,135 Shares of Veeva Systems Inc. $VEEV

Y.D. More Investments Ltd decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 19.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,838 shares of the technology company’s stock after selling 4,135 shares during the period. Y.D. More Investments Ltd’s holdings in Veeva Systems were worth $5,016,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the stock. Alphinity Investment Management Pty Ltd purchased a new position in Veeva Systems during the 3rd quarter valued at about $422,241,000. Norges Bank purchased a new position in Veeva Systems during the 2nd quarter valued at $384,265,000. Durable Capital Partners LP purchased a new stake in shares of Veeva Systems in the 2nd quarter worth about $281,351,000. AQR Capital Management LLC increased its position in shares of Veeva Systems by 111.7% during the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after buying an additional 969,905 shares during the period. Finally, Schroder Investment Management Group boosted its position in Veeva Systems by 1,039.4% during the 2nd quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after acquiring an additional 925,896 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Stock Performance

NYSE:VEEV traded up $2.80 during mid-day trading on Friday, hitting $185.37. 57,450 shares of the company’s stock traded hands, compared to its average volume of 2,139,697. Veeva Systems Inc. has a twelve month low of $168.13 and a twelve month high of $310.50. The company has a fifty day moving average of $211.84 and a 200 day moving average of $254.82. The company has a market capitalization of $30.47 billion, a P/E ratio of 35.73, a P/E/G ratio of 1.25 and a beta of 1.08.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.09. The firm had revenue of $0.81 million for the quarter, compared to the consensus estimate of $792.37 million. Veeva Systems had a net margin of 27.93% and a return on equity of 13.68%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.75 earnings per share. On average, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems announced that its board has approved a stock buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on VEEV shares. Barclays lowered their price target on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating for the company in a research report on Friday, November 21st. Truist Financial raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Thursday, January 8th. Weiss Ratings lowered Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Robert W. Baird upped their price objective on Veeva Systems from $314.00 to $319.00 and gave the company an “outperform” rating in a research report on Friday, November 21st. Finally, Citigroup cut their price target on Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a research note on Monday, November 24th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $307.33.

Veeva Systems Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.