Arcadia Investment Management Corp MI Sells 10,710 Shares of Veeva Systems Inc. (NYSE:VEEV)

Arcadia Investment Management Corp MI trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 19.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,339 shares of the technology company's stock after selling 10,710 shares during the period. Veeva Systems accounts for about 1.8% of Arcadia Investment Management Corp MI's investment portfolio, making the stock its 19th biggest holding. Arcadia Investment Management Corp MI's holdings in Veeva Systems were worth $10,039,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of VEEV. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems in the 4th quarter worth about $685,355,000. Norges Bank acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $294,785,000. Wealthfront Advisers LLC raised its holdings in shares of Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after purchasing an additional 1,045,188 shares during the last quarter. Stockbridge Partners LLC purchased a new stake in Veeva Systems during the fourth quarter worth about $137,260,000. Finally, Marshall Wace LLP increased its holdings in Veeva Systems by 413.3% during the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock worth $134,219,000 after buying an additional 514,004 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

VEEV opened at $280.48 on Wednesday. The business has a 50 day moving average price of $263.31 and a 200 day moving average price of $238.25. The firm has a market cap of $45.83 billion, a P/E ratio of 59.42, a price-to-earnings-growth ratio of 2.22 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted 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 analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. Veeva Systems's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.50 EPS. As a group, analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Needham & Company LLC upped their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Citigroup upped their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, KeyCorp reduced their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $269.80.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction dated Friday, June 6th. The shares were 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,858 shares of company stock valued at $453,734. Corporate insiders own 10.30% of the company's stock.

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.

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