Verdence Capital Advisors LLC Cuts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Verdence Capital Advisors LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 11.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,478 shares of the technology company’s stock after selling 578 shares during the period. Verdence Capital Advisors LLC’s holdings in Veeva Systems were worth $1,037,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Abound Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at $25,000. ORG Partners LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at $26,000. Golden State Wealth Management LLC raised its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at $32,000. Finally, Key Financial Inc raised its stake in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company’s stock valued at $36,000 after acquiring an additional 95 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on VEEV. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, May 29th. Piper Sandler raised their price objective 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. Wells Fargo & Company raised their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. KeyCorp raised their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. Finally, Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $274.17.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 720 shares of the company’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares of the company’s stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the company’s stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares of the company’s stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 over the last ninety days. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $282.03 on Friday. The firm’s 50 day moving average price is $270.48 and its two-hundred day moving average price is $241.68. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69. The stock has a market cap of $46.09 billion, a price-to-earnings ratio of 59.75, a PEG ratio of 2.19 and a beta of 0.98.

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

Veeva Systems Company 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.