Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Bright Rock Capital Management LLC

Bright Rock Capital Management LLC cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,000 shares of the technology company's stock after selling 7,000 shares during the quarter. Veeva Systems comprises about 2.1% of Bright Rock Capital Management LLC's holdings, making the stock its 12th biggest holding. Bright Rock Capital Management LLC's holdings in Veeva Systems were worth $9,960,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of VEEV. Venturi Wealth Management LLC increased its holdings in shares of Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after acquiring an additional 163 shares in the last quarter. Linonia Partnership LP raised its holdings in shares of Veeva Systems by 42.1% during the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after purchasing an additional 356,300 shares during the last quarter. VSM Wealth Advisory LLC bought a new position in Veeva Systems during the fourth quarter valued at approximately $42,000. Amundi boosted its stake in shares of Veeva Systems by 9.8% in the 4th quarter. Amundi now owns 459,044 shares of the technology company's stock worth $99,750,000 after buying an additional 40,884 shares during the last quarter. Finally, Townsquare Capital LLC boosted its position in Veeva Systems by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 4,912 shares of the technology company's stock worth $1,033,000 after purchasing an additional 150 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Veeva Systems stock traded down $0.34 during trading hours on Friday, reaching $281.82. The stock had a trading volume of 1,268,625 shares, compared to its average volume of 1,144,866. The company has a market cap of $45.85 billion, a price-to-earnings ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.69. The business's 50 day moving average price is $240.79 and its 200-day moving average price is $231.94.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares of the company's stock, valued at $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Stifel Nicolaus raised their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Stephens reiterated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, UBS Group raised their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $269.80.

About Veeva Systems

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.