The Manufacturers Life Insurance Company Lowers Stock Position in Veeva Systems Inc. (NYSE:VEEV)

The Manufacturers Life Insurance Company cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,249 shares of the technology company’s stock after selling 7,917 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.06% of Veeva Systems worth $19,780,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its stake in Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after acquiring an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Veeva Systems by 3.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company’s stock worth $434,372,000 after purchasing an additional 71,525 shares in the last quarter. Swedbank AB increased its position in Veeva Systems by 4.9% during the 2nd quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock valued at $188,695,000 after buying an additional 48,402 shares in the last quarter. Finally, Linonia Partnership LP increased its position in Veeva Systems by 16.7% during the 3rd quarter. Linonia Partnership LP now owns 846,672 shares of the technology company’s stock valued at $177,691,000 after buying an additional 121,018 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of VEEV stock opened at $227.85 on Friday. The company has a market cap of $36.90 billion, a price-to-earnings ratio of 60.76, a PEG ratio of 2.20 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year high of $240.68. The firm has a fifty day moving average price of $215.71 and a 200-day moving average price of $201.99.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The business had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Equities research analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. BNP Paribas assumed coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. Bank of America raised their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Barclays upped their target price on shares of Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, TD Cowen upped their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $236.92.

Veeva Systems Company Profile

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.