Assetmark Inc. Trims Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Assetmark Inc. sold 14,938 shares of Veeva Systems, reducing its holdings in the company by 17.5% during the first quarter, leaving them with 70,518 shares valued at approximately $16.33 million.
• Wall Street analysts are optimistic about Veeva Systems, with several brokerages raising their price targets, the highest being $310.00, indicating a strong consensus of a "Moderate Buy."
• Veeva Systems reported earnings of $1.97 per share for the last quarter, exceeding expectations and demonstrating a 16.7% revenue growth year-over-year.

Assetmark Inc. lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,518 shares of the technology company's stock after selling 14,938 shares during the quarter. Assetmark Inc.'s holdings in Veeva Systems were worth $16,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. grew its stake in shares of Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC purchased a new stake in Veeva Systems during the 4th quarter worth about $685,355,000. FMR LLC lifted its holdings in Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 6.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after purchasing an additional 188,332 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 17.5% during the 4th 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 in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Price Performance

Veeva Systems stock traded up $2.36 during trading hours on Monday, reaching $292.77. The company had a trading volume of 1,452,436 shares, compared to its average volume of 1,331,164. The company has a 50-day moving average price of $275.05 and a 200 day moving average price of $244.65. The firm has a market cap of $47.84 billion, a price-to-earnings ratio of 62.03, a P/E/G ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $295.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 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 analysts' expectations 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 previous year, the firm earned $1.50 EPS. As a group, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred 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. The trade was a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 in the last ninety days. Company insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on VEEV shares. Piper Sandler increased their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Mizuho increased their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Morgan Stanley increased their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Truist Financial increased their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Finally, Barclays raised their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $274.17.

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.