Allianz Asset Management GmbH Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Allianz Asset Management GmbH cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 23.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 422,101 shares of the technology company's stock after selling 126,392 shares during the quarter. Allianz Asset Management GmbH owned 0.26% of Veeva Systems worth $97,771,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Abound Financial LLC bought a new stake in Veeva Systems during the first quarter valued at about $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC increased its holdings in shares of Veeva Systems by 152.9% in 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 last quarter. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the first quarter worth about $32,000. Finally, Key Financial Inc increased its holdings in shares of Veeva Systems by 161.0% in 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 last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Up 1.8%

Shares of VEEV stock traded up $4.96 during trading hours on Tuesday, reaching $285.96. 1,645,035 shares of the company's stock were exchanged, compared to its average volume of 1,179,156. The stock's 50 day moving average is $270.48 and its 200-day moving average is $242.11. The company has a market cap of $46.73 billion, a price-to-earnings ratio of 58.42, a P/E/G ratio of 2.23 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69.

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

Insider Transactions at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the company'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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,378 shares of company stock valued at $394,217. Corporate insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. UBS Group boosted their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Raymond James Financial boosted their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Finally, Morgan Stanley boosted their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $274.17.

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.