Cornell Pochily Investment Advisors Inc. Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Cornell Pochily Investment Advisors Inc. decreased its position in Veeva Systems Inc. (NYSE:VEEV) by 8.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,709 shares of the technology company’s stock after selling 321 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Veeva Systems were worth $714,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. ARK Investment Management LLC boosted its position in shares of Veeva Systems by 13.5% during the 4th quarter. ARK Investment Management LLC now owns 226,786 shares of the technology company’s stock worth $43,661,000 after purchasing an additional 26,958 shares during the period. Columbia Trust Co 01012016 boosted its position in shares of Veeva Systems by 25.1% during the 4th quarter. Columbia Trust Co 01012016 now owns 2,922 shares of the technology company’s stock worth $563,000 after purchasing an additional 587 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Veeva Systems by 328.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 73,720 shares of the technology company’s stock worth $14,193,000 after purchasing an additional 56,519 shares during the period. Pacer Advisors Inc. boosted its position in shares of Veeva Systems by 8.1% during the 4th quarter. Pacer Advisors Inc. now owns 2,980 shares of the technology company’s stock worth $574,000 after purchasing an additional 223 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its position in shares of Veeva Systems by 4.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 75,066 shares of the technology company’s stock worth $14,452,000 after purchasing an additional 2,963 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insiders Place Their Bets

In other Veeva Systems news, Director Matthew J. Wallach sold 5,000 shares of the company’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $186.05, for a total transaction of $930,250.00. Following the transaction, the director now directly owns 109,025 shares in the company, valued at $20,284,101.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Veeva Systems news, Director Matthew J. Wallach sold 5,000 shares of the stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $186.05, for a total transaction of $930,250.00. Following the transaction, the director now owns 109,025 shares of the company’s stock, valued at $20,284,101.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Eleni Nitsa Zuppas sold 3,000 shares of the stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $204.75, for a total transaction of $614,250.00. Following the transaction, the chief marketing officer now directly owns 19,057 shares in the company, valued at approximately $3,901,920.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,498 shares of company stock worth $6,219,253. 10.98% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial increased their target price on shares of Veeva Systems from $187.00 to $203.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Oppenheimer reiterated an “outperform” rating and set a $225.00 target price on shares of Veeva Systems in a report on Thursday, February 22nd. The Goldman Sachs Group increased their target price on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Robert W. Baird raised their price objective on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, Stifel Nicolaus raised their price objective on shares of Veeva Systems from $205.00 to $250.00 and gave the company a “buy” rating in a report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.90.

Veeva Systems Trading Down 0.0 %

Shares of Veeva Systems stock traded down $0.01 on Thursday, reaching $233.38. 105,651 shares of the stock were exchanged, compared to its average volume of 955,185. Veeva Systems Inc. has a 1-year low of $160.21 and a 1-year high of $236.90. The business has a fifty day moving average price of $219.45 and a two-hundred day moving average price of $201.94. The firm has a market capitalization of $37.58 billion, a PE ratio of 72.52, a PEG ratio of 2.35 and a beta of 0.74.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.11. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. The company had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. Research analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current year.

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 data 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.