Allianz Asset Management GmbH Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Allianz Asset Management GmbH trimmed its position in shares of 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 (SEC). The institutional investor owned 422,101 shares of the technology company's stock after selling 126,392 shares during the period. Allianz Asset Management GmbH owned approximately 0.26% of Veeva Systems worth $97,771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Leigh Baldwin & CO. LLC purchased a new stake in Veeva Systems during the 4th quarter valued at $685,355,000. Norges Bank purchased a new stake in Veeva Systems during the 4th quarter valued at $294,785,000. Stockbridge Partners LLC purchased a new stake in Veeva Systems during the 4th quarter valued at $137,260,000. Marshall Wace LLP raised its holdings in Veeva Systems by 413.3% during the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after buying an additional 514,004 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In other news, 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 value of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on VEEV shares. Mizuho increased their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Barclays increased their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Wells Fargo & Company increased their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Truist Financial increased their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. Finally, Stifel Nicolaus increased their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Price Performance

Veeva Systems stock traded up $5.26 during midday trading on Thursday, reaching $291.27. The company's stock had a trading volume of 766,836 shares, compared to its average volume of 1,325,967. The stock's 50-day simple moving average is $273.09 and its 200-day simple moving average is $243.19. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $293.37. The stock has a market capitalization of $47.60 billion, a P/E ratio of 61.73, a PEG ratio of 2.26 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results 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 return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period last year, the business posted $1.50 earnings per share. The firm's revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal 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.