Cornercap Investment Counsel Inc. Sells 3,487 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cornercap Investment Counsel Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 31.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,741 shares of the technology company’s stock after selling 3,487 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Veeva Systems were worth $1,625,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of VEEV. CIBC Asset Management Inc increased its position in shares of Veeva Systems by 5.5% during the third quarter. CIBC Asset Management Inc now owns 5,641 shares of the technology company’s stock valued at $1,184,000 after buying an additional 294 shares during the period. OneDigital Investment Advisors LLC grew its position in Veeva Systems by 7.3% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 1,909 shares of the technology company’s stock valued at $401,000 after purchasing an additional 130 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after acquiring an additional 50 shares in the last quarter. Metis Global Partners LLC raised its stake in shares of Veeva Systems by 13.1% in the third quarter. Metis Global Partners LLC now owns 5,057 shares of the technology company’s stock worth $1,061,000 after purchasing an additional 584 shares during the last quarter. Finally, Snider Financial Group lifted its stake in Veeva Systems by 1.1% during the 3rd quarter. Snider Financial Group now owns 14,769 shares of the technology company’s stock valued at $3,100,000 after acquiring an additional 160 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.5 %

Shares of Veeva Systems stock opened at $229.71 on Friday. The company has a market capitalization of $37.20 billion, a PE ratio of 61.26, a price-to-earnings-growth ratio of 2.25 and a beta of 0.81. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The stock’s fifty day moving average is $215.14 and its two-hundred day moving average is $200.49.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on VEEV. TD Cowen boosted their price target on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Barclays lifted their price target on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, November 8th. UBS Group boosted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Finally, Truist Financial raised their price target on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $237.00.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. The trade was a 20.66 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

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 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.