Alps Advisors Inc. Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Alps Advisors Inc. lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 15.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,276 shares of the technology company's stock after selling 1,126 shares during the period. Alps Advisors Inc.'s holdings in Veeva Systems were worth $1,454,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its holdings in Veeva Systems by 25.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 24,238 shares of the technology company's stock valued at $5,614,000 after buying an additional 4,914 shares in the last quarter. Moloney Securities Asset Management LLC lifted its position in shares of Veeva Systems by 705.4% during the 1st quarter. Moloney Securities Asset Management LLC now owns 9,431 shares of the technology company's stock worth $2,185,000 after buying an additional 8,260 shares during the last quarter. Rehmann Capital Advisory Group bought a new stake in shares of Veeva Systems during the 1st quarter worth $262,000. Linden Thomas Advisory Services LLC lifted its position in shares of Veeva Systems by 2.7% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 12,416 shares of the technology company's stock worth $2,876,000 after buying an additional 328 shares during the last quarter. Finally, Flossbach Von Storch SE bought a new position in Veeva Systems in the first quarter valued at about $200,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

NYSE:VEEV traded down $5.82 during trading hours on Friday, reaching $275.82. The stock had a trading volume of 1,660,228 shares, compared to its average volume of 1,171,159. The stock has a 50 day simple moving average of $266.10 and a 200 day simple moving average of $239.52. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $291.69. The stock has a market cap of $45.07 billion, a P/E ratio of 58.44, a price-to-earnings-growth ratio of 2.19 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its 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 during 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 revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the business posted $1.50 earnings per share. On average, equities analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider directly owned 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the business'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 transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,578 shares of company stock valued at $659,381 in the last ninety days. Corporate insiders own 10.30% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of several research reports. Piper Sandler increased their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Wells Fargo & Company raised 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. Needham & Company LLC raised their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. raised their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $271.04.

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.