Rovin Capital UT ADV Decreases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Rovin Capital UT ADV reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 10.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,285 shares of the technology company’s stock after selling 384 shares during the period. Rovin Capital UT ADV’s holdings in Veeva Systems were worth $689,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Washington Trust Advisors Inc. raised its stake in Veeva Systems by 1.1% during the 3rd quarter. Washington Trust Advisors Inc. now owns 46,530 shares of the technology company’s stock valued at $9,765,000 after buying an additional 499 shares during the last quarter. AEGON ASSET MANAGEMENT UK Plc lifted its holdings in Veeva Systems by 0.7% in the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 106,921 shares of the technology company’s stock valued at $22,434,000 after acquiring an additional 722 shares during the period. Capital Performance Advisors LLP purchased a new position in Veeva Systems in the third quarter worth about $102,000. Physicians Financial Services Inc. bought a new position in shares of Veeva Systems in the 3rd quarter worth approximately $374,000. Finally, Summit Global Investments bought a new position in shares of Veeva Systems in the 3rd quarter worth approximately $5,593,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 5.2 %

Shares of NYSE:VEEV opened at $235.02 on Friday. The business’s 50 day moving average is $213.98 and its 200 day moving average is $199.75. The stock has a market cap of $38.06 billion, a P/E ratio of 62.67, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $240.68.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 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 firm had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

VEEV has been the topic of several recent research reports. Piper Sandler increased their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday. Robert W. Baird lowered their price target on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, October 28th. Raymond James raised their price target on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Citigroup boosted their price target on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. Finally, Guggenheim lifted their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $237.00.

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.