AE Wealth Management LLC Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• AE Wealth Management LLC reduced its holdings in Veeva Systems Inc. by 17.2%, bringing its total shares down to 7,800 worth $1.8 million.
• During the same quarter, several other institutional investors, including Sowell Financial Services and Crosmark Global Holdings, also adjusted their stakes in Veeva Systems, reflecting a trend of changing investor interest.
• Veeva Systems reported strong earnings with an EPS of $1.97, surpassing analysts' expectations, alongside a 16.7% increase in revenue year-over-year.

AE Wealth Management LLC decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,800 shares of the technology company's stock after selling 1,624 shares during the period. AE Wealth Management LLC's holdings in Veeva Systems were worth $1,807,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Sowell Financial Services LLC purchased a new stake in Veeva Systems during the 1st quarter worth approximately $274,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Veeva Systems during the first quarter worth $299,000. GAMMA Investing LLC raised its position in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in Veeva Systems during the first quarter worth about $5,876,000. Finally, Private Trust Co. NA raised its holdings in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after acquiring an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

NYSE:VEEV opened at $290.73 on Friday. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $294.00. The stock has a market cap of $47.51 billion, a P/E ratio of 61.60, a P/E/G ratio of 2.30 and a beta of 0.98. The stock has a 50-day simple moving average of $275.05 and a 200-day simple moving average of $244.47.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the prior year, the business posted $1.50 EPS. The company's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last quarter. Company insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent research reports. Mizuho increased their price target on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. KeyCorp raised their price objective 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. Piper Sandler increased their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. UBS Group upped their price objective on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Finally, Citigroup raised their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $274.17.

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.

Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc. (NYSE:VEEV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.