Azimuth Capital Investment Management LLC Sells 1,464 Shares of Veeva Systems Inc. $VEEV

Key Points

• Azimuth Capital Investment Management LLC reduced its holdings in Veeva Systems by 3.3%, selling 1,464 shares to bring their total to 43,180 shares, valued at approximately $10 million.
• Veeva Systems reported a quarterly earnings per share (EPS) of $1.97, surpassing estimates, with total revenue of $759.04 million for the quarter, a 16.7% increase year-over-year.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Veeva Systems, with target price adjustments ranging from $210 to $325 across various brokerages.

Azimuth Capital Investment Management LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,180 shares of the technology company's stock after selling 1,464 shares during the period. Azimuth Capital Investment Management LLC's holdings in Veeva Systems were worth $10,002,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of VEEV. Fox Run Management L.L.C. purchased a new position in shares of Veeva Systems in the first quarter valued at about $1,101,000. Kovitz Investment Group Partners LLC lifted its position in shares of Veeva Systems by 11.8% in the first quarter. Kovitz Investment Group Partners LLC now owns 2,024 shares of the technology company's stock valued at $469,000 after acquiring an additional 213 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Veeva Systems by 1.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 43,569 shares of the technology company's stock valued at $10,092,000 after acquiring an additional 800 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Veeva Systems by 2.1% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,788 shares of the technology company's stock valued at $1,109,000 after acquiring an additional 100 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Veeva Systems by 140.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 625 shares of the technology company's stock valued at $145,000 after acquiring an additional 365 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on VEEV. Needham & Company LLC boosted their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Citigroup boosted their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Barclays boosted their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. KeyCorp lifted their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Raymond James Financial lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and an average target price of $274.17.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 over the last ninety days. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Down 0.6%

NYSE VEEV traded down $1.74 during trading hours on Wednesday, hitting $282.61. 212,867 shares of the company were exchanged, compared to its average volume of 1,296,277. The stock has a 50-day moving average price of $282.25 and a 200 day moving average price of $251.54. Veeva Systems Inc. has a 52 week low of $194.00 and a 52 week high of $296.72. The stock has a market cap of $46.18 billion, a PE ratio of 59.79, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data 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. 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 for the quarter, compared to analysts' expectations of $728.38 million. During the same period in the previous year, the firm posted $1.50 earnings per share. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems 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.