ARK Investment Management LLC Decreases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,753 shares of the technology company’s stock after selling 34,105 shares during the quarter. ARK Investment Management LLC owned approximately 0.08% of Veeva Systems worth $28,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Patriot Financial Group Insurance Agency LLC raised its position in shares of Veeva Systems by 0.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after purchasing an additional 48 shares during the last quarter. Clearbridge Investments LLC increased its position in Veeva Systems by 0.4% during the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after buying an additional 52 shares in the last quarter. Western Pacific Wealth Management LP boosted its stake in shares of Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after acquiring an additional 58 shares during the last quarter. Park Place Capital Corp increased its position in Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after purchasing an additional 59 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. increased its position in Veeva Systems by 13.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock worth $108,000 after purchasing an additional 61 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related 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 value of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on VEEV shares. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Veeva Systems in a research note on Thursday, August 29th. BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target on the stock. Barclays raised their target price on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. TD Cowen boosted their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Finally, Citigroup upped their price objective on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $232.87.

Veeva Systems Stock Up 3.2 %

Shares of NYSE VEEV opened at $223.39 on Friday. The stock has a market capitalization of $36.17 billion, a P/E ratio of 59.57, a PEG ratio of 2.10 and a beta of 0.81. The stock’s 50 day moving average price is $213.48 and its two-hundred day moving average price is $199.34. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $667.21 million. On average, analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current year.

Veeva Systems 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.