Caisse DE Depot ET Placement DU Quebec Sells 139,185 Shares of Veeva Systems Inc. $VEEV

Key Points

• Caisse DE Depot ET Placement DU Quebec has reduced its stake in Veeva Systems Inc. by 41.8%, now owning approximately 0.12% of the company, valued at $44.8 million.
• Several institutional investors, including Johnson Financial Group Inc. and Colonial Trust Co SC, have increased their positions in Veeva Systems, indicating strong institutional interest despite the reduction by Caisse DE Depot ET Placement DU Quebec.
• Veeva Systems reported a 16.7% year-over-year increase in revenue, achieving $759 million in the latest quarter, with earnings per share of $1.97 exceeding analysts' expectations.

Caisse DE Depot ET Placement DU Quebec cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 41.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,599 shares of the technology company's stock after selling 139,185 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.12% of Veeva Systems worth $44,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Abound Financial LLC bought a new stake in shares of Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC lifted its holdings in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $32,000. Finally, Key Financial Inc increased its position in shares of Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

Shares of NYSE VEEV traded down $3.48 during mid-day trading on Friday, hitting $268.85. 1,999,687 shares of the company's stock traded hands, compared to its average volume of 1,329,419. The company's 50-day moving average is $282.59 and its two-hundred day moving average is $253.79. The company has a market capitalization of $43.93 billion, a P/E ratio of 55.21, a PEG ratio of 2.33 and a beta of 0.95. Veeva Systems Inc. has a 1 year low of $200.30 and a 1 year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.29% and a return on equity of 14.19%. The business's revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 EPS. Equities analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VEEV. Canaccord Genuity Group raised their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research report on Thursday. Needham & Company LLC raised their price objective on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday. KeyCorp boosted their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Truist Financial raised their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research note on Thursday. Finally, Stifel Nicolaus lifted their price target on shares of Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a report on Thursday. Sixteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $299.88.

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.