Benjamin Edwards Inc. Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Benjamin Edwards Inc. reduced its stake in Veeva Systems Inc. by 14.6%, owning 6,384 shares valued at approximately $1.48 million after selling 1,093 shares.
• Other institutional investors, including Vanguard Group Inc. and T. Rowe Price, have increased their stakes, demonstrating strong institutional interest in Veeva Systems.
• Veeva Systems reported a quarterly revenue of $759.04 million, beating analysts' expectations, with earnings per share of $1.97, up from $1.50 the previous year.

Benjamin Edwards Inc. lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,384 shares of the technology company's stock after selling 1,093 shares during the period. Benjamin Edwards Inc.'s holdings in Veeva Systems were worth $1,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Veeva Systems by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after acquiring an additional 315,421 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Veeva Systems by 3.5% in 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 purchasing an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in Veeva Systems during the 4th quarter valued at about $685,355,000. JPMorgan Chase & Co. increased its stake in Veeva Systems by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after buying an additional 188,332 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The shares were 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 in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Raymond James Financial upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Needham & Company LLC lifted their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Citigroup boosted their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Barclays increased 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Price Performance

NYSE:VEEV opened at $275.24 on Wednesday. Veeva Systems Inc. has a one year low of $185.51 and a one year high of $296.72. The business has a fifty day moving average price of $282.71 and a 200-day moving average price of $249.87. The firm has a market capitalization of $44.98 billion, a price-to-earnings ratio of 58.31, a price-to-earnings-growth ratio of 2.19 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued 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. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the prior year, the business posted $1.50 earnings per share. The business's quarterly revenue was up 16.7% on a year-over-year basis. On average, equities research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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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