Veeva Systems Inc. (NYSE:VEEV) Holdings Cut by GLOBALT Investments LLC GA

GLOBALT Investments LLC GA reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,622 shares of the technology company’s stock after selling 66 shares during the period. GLOBALT Investments LLC GA’s holdings in Veeva Systems were worth $1,302,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC bought a new stake in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC boosted its position in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after purchasing an additional 78 shares during the period. Wayfinding Financial LLC bought a new stake in Veeva Systems during the first quarter worth approximately $32,000. Finally, Key Financial Inc boosted its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after purchasing an additional 95 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. KeyCorp upped their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. Needham & Company LLC increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Piper Sandler increased their price objective on Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a research report on Thursday, May 29th. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Finally, Truist Financial increased their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $274.17.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 3,966 shares of the company’s stock, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company’s stock, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $290.73 on Friday. The business’s 50 day simple moving average is $275.05 and its two-hundred day simple moving average is $244.47. The firm has a market cap of $47.51 billion, a P/E ratio of 61.60, a PEG ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $294.00.

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