Cambridge Investment Research Advisors Inc. Sells 3,129 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cambridge Investment Research Advisors Inc. cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 59,674 shares of the technology company's stock after selling 3,129 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Veeva Systems were worth $13,822,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. raised its holdings in shares of Veeva Systems by 3.5% during the fourth 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 acquired a new stake in Veeva Systems in the 4th quarter valued at $685,355,000. FMR LLC increased its stake in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after buying an additional 232,116 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after buying an additional 447,041 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after buying an additional 38,108 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on VEEV. UBS Group lifted their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Morgan Stanley lifted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Stephens reissued an "overweight" rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, KeyCorp decreased their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems 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 transaction, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,184 shares of company stock worth $1,376,179. Insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 0.4%

NYSE VEEV opened at $281.40 on Wednesday. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69. The stock has a market cap of $45.98 billion, a price-to-earnings ratio of 59.62, a PEG ratio of 2.20 and a beta of 0.99. The company's 50 day moving average is $251.28 and its two-hundred day moving average is $234.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data 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 27.34% and a return on equity of 13.96%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.50 earnings per share. Sell-side analysts forecast that Veeva Systems Inc. will post 4.35 EPS 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.

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