Veeva Systems Inc. (NYSE: VEEV – Get a rating) experienced a significant increase in short-term interest rates during the month of August. As of August 31, there was short interest totaling 1,980,000 shares, an increase of 20.0% from the total of 1,650,000 shares as of August 15. Based on an average daily volume of 999,200 shares, the day-to-cover ratio is currently 2.0 days.

Price performance of Veeva systems

VEEV stock traded down $0.20 at midday on Friday, hitting $175.03. The stock had trading volume of 1,607,914 shares, compared to an average volume of 1,112,500. Veeva Systems has a 12-month low of $152.04 and a 12-month high of $327.78. The company’s 50-day moving average price is $205.42 and its 200-day moving average price is $193.98. The company has a market capitalization of $27.18 billion, a PE ratio of 72.03, a growth price-earnings ratio of 4.12 and a beta of 0.76.

Veeva Systems (NYSE:VEEV- Get a rating) last reported quarterly earnings data on Wednesday, August 31. The technology company reported earnings per share (EPS) of $1.03 for the quarter, beating the consensus estimate of $1.01 by $0.02. Veeva Systems achieved a net margin of 19.67% and a return on equity of 13.40%. The company posted revenue of $534.20 million in the quarter, compared to $530.70 million expected by analysts. During the same period of the previous year, the company achieved EPS of $0.64. The company’s quarterly revenue increased by 17.3% compared to the same quarter last year. As a group, sell-side analysts expect Veeva Systems to post an EPS of 2.56 for the current year.

A Wall Street analyst gives his opinion

VEEV has been the subject of a number of recent analyst reports. Truist Financial cut its price target on Veeva Systems shares from $275.00 to $225.00 and set a “buy” rating for the company in a Thursday, June 2 research report. Robert W. Baird cut his price target on Veeva Systems stock from $267.00 to $250.00 and set an “outperform” rating for the company in a Thursday, Sept. 1 research report. Citigroup raised its price target on shares of Veeva Systems to $232.00 in a Friday, June 3 research report. KeyCorp began covering shares of Veeva Systems in a research report on Thursday. They set an “overweight” rating and a price target of $220.00 for the company. Finally, Canaccord Genuity Group cut its price target on Veeva Systems shares from $200.00 to $185.00 in a Thursday, September 1 research report. Seven analysts gave the stock a hold rating and fifteen gave the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $223.05.

Insiders place their bets

In other Veeva Systems news, Director Matthew J. Wallach sold 10,000 shares of the company in a transaction dated Tuesday, September 6. The stock was sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the transaction, the director now owns 2,546 shares of the company, valued at $430,961.42. The sale was disclosed in a filing with the SEC, accessible via the SEC website. Separately, director Matthew J. Wallach sold 10,000 shares of the company in a transaction dated Tuesday, September 6. The stock was sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the transaction, the director now owns 2,546 shares of the company, valued at $430,961.42. The transaction was disclosed in a document filed with the SEC, accessible via this link. Also, director Paul Edward Chamberlain sold 260 shares of the company in a transaction dated Monday, September 12. The stock was sold at an average price of $179.99, for a total value of $46,797.40. As a result of the transaction, the administrator now directly owns 16,443 shares of the company, valued at approximately $2,959,575.57. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 15,260 shares of the company valued at $2,739,647. 13.23% of the shares are currently held by insiders.

Veeva Systems Institutional Trading

Several institutional investors have recently changed their positions in VEEV. Private Trust Co. NA acquired a new stake in Veeva Systems during Q2 for $53,000. Royal London Asset Management Ltd. increased its position in Veeva Systems by 1.4% during the second quarter. Royal London Asset Management Ltd. now owns 49,506 shares of the tech company worth $9,808,000 after purchasing an additional 703 shares during the period. Verition Fund Management LLC increased its position in Veeva Systems by 158.6% in the second quarter. Verition Fund Management LLC now owns 4,877 shares of the technology company worth $966,000 after purchasing 2,991 additional shares during the period. M&G Investment Management Ltd. increased its position in Veeva Systems by 20.1% in the second quarter. M&G Investment Management Ltd. now owns 2,821 shares of the technology company worth $559,000 after buying 473 additional shares during the period. Finally, Prelude Capital Management LLC acquired a new stake in Veeva Systems during the 2nd quarter for a value of $1,320,000. 80.14% of the shares are held by hedge funds and other institutional investors.

About Veeva Systems

(Get a rating)

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, Asia-Pacific, the Middle East, Africa and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data and analytics solutions, which includes Veeva Customer Relationship Management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management application for managing business functions, including sales and marketing, and medical content and communications, as well as research and development, such as clinical, regulatory, quality and safety functions.

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