Praxis Investment Management Inc. Sells 790 Shares of Veeva Systems Inc. (NYSE:VEEV)

Praxis Investment Management Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.4% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,090 shares of the technology company’s stock after selling 790 shares during the quarter. Praxis Investment Management Inc.’s holdings in Veeva Systems were worth $716,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth $685,355,000. Norges Bank acquired a new stake in shares of Veeva Systems in the 4th quarter valued at about $294,785,000. Wealthfront Advisers LLC lifted its holdings in shares of Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems in the fourth quarter valued at about $137,260,000. Finally, Marshall Wace LLP boosted its position in shares of Veeva Systems by 413.3% during the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock worth $134,219,000 after buying an additional 514,004 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,184 shares of company stock valued at $1,376,179 in the last three months. 10.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wall Street Zen raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Wells Fargo & Company lifted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Piper Sandler increased their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Stifel Nicolaus raised their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Finally, UBS Group boosted their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.80.

Veeva Systems Trading Down 0.8%

VEEV opened at $279.28 on Friday. The stock’s fifty day simple moving average is $248.97 and its 200 day simple moving average is $234.17. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69. The stock has a market cap of $45.64 billion, a PE ratio of 59.17, a price-to-earnings-growth ratio of 2.20 and a beta of 0.99.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company’s revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 earnings per share. Equities analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share 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 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.