California Public Employees Retirement System Has $49.85 Million Position in Veeva Systems Inc. (NYSE:VEEV)

California Public Employees Retirement System reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 258,913 shares of the technology company’s stock after selling 9,409 shares during the quarter. California Public Employees Retirement System owned about 0.16% of Veeva Systems worth $49,846,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of VEEV. Wellington Management Group LLP grew its position in shares of Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after purchasing an additional 289,133 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Veeva Systems by 34.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock worth $416,139,000 after acquiring an additional 522,257 shares during the last quarter. FMR LLC boosted its position in Veeva Systems by 15.4% during the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock worth $372,951,000 after acquiring an additional 244,599 shares during the last quarter. Blair William & Co. IL boosted its position in Veeva Systems by 0.9% during the 3rd quarter. Blair William & Co. IL now owns 1,466,121 shares of the technology company’s stock worth $298,282,000 after acquiring an additional 12,709 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Veeva Systems by 4.1% during the 3rd quarter. Van ECK Associates Corp now owns 1,447,403 shares of the technology company’s stock worth $294,474,000 after acquiring an additional 57,520 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the transaction, the executive vice president now owns 21,983 shares in the company, valued at $4,415,505.38. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems 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 transaction, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,989 shares of company stock worth $4,818,013. Company insiders own 10.98% of the company’s stock.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $199.10 on Friday. The business has a fifty day simple moving average of $219.63 and a two-hundred day simple moving average of $202.71. Veeva Systems Inc. has a 1 year low of $160.21 and a 1 year high of $236.90. The company has a market capitalization of $32.12 billion, a price-to-earnings ratio of 61.83, a P/E/G ratio of 2.03 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 analysts’ consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The company had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. As a group, equities analysts anticipate that Veeva Systems Inc. will post 4.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VEEV. Truist Financial upped their price target on Veeva Systems from $187.00 to $203.00 and gave the stock a “hold” rating in a research report on Friday, March 1st. Stifel Nicolaus upped their price target on Veeva Systems from $205.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a research report on Thursday, February 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a report on Tuesday, April 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.90.

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.