APG Asset Management N.V. Trims Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• APG Asset Management N.V. reduced its stake in Veeva Systems Inc. by 3.7%, owning approximately 87,014 shares worth $18.66 million after selling 3,368 shares in the first quarter.
• Veeva Systems reported quarterly earnings of $1.97 per share, exceeding expectations, with revenues reaching $759.04 million, marking a 16.7% increase year-over-year.
• A majority of the stock, **88.20%**, is now owned by hedge funds and institutional investors, indicating significant interest in the company’s performance.

APG Asset Management N.V. lessened its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 87,014 shares of the technology company's stock after selling 3,368 shares during the quarter. APG Asset Management N.V. owned approximately 0.05% of Veeva Systems worth $18,659,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the company'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 completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred 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 sale, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last 90 days. 10.30% of the stock is owned by company insiders.

Veeva Systems Stock Performance

Veeva Systems stock traded down $21.08 during trading on Thursday, reaching $272.51. 4,466,072 shares of the company's stock were exchanged, compared to its average volume of 1,325,309. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72. The firm has a market cap of $44.53 billion, a price-to-earnings ratio of 57.73, a PEG ratio of 2.27 and a beta of 0.95. The company's 50-day moving average is $282.76 and its two-hundred day moving average is $253.55.

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 for the quarter, topping the consensus estimate of $1.74 by $0.23. The company 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 company's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share. Analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VEEV. Oppenheimer restated an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a research report on Thursday. BTIG Research increased their price target on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research note on Thursday. KeyCorp raised their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Evercore ISI upped their target price on Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research note on Thursday. Finally, Citigroup raised their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research note on Thursday. Sixteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus price target of $294.58.

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.