China Universal Asset Management Co. Ltd. Sells 5,400 Shares of Veeva Systems Inc. (NYSE:VEEV)

China Universal Asset Management Co. Ltd. lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 87.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 771 shares of the technology company's stock after selling 5,400 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Veeva Systems were worth $179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. raised its position in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after acquiring an additional 44 shares during the period. Colonial Trust Co SC grew its holdings in Veeva Systems by 30.3% in the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after purchasing an additional 56 shares during the period. Twin City Private Wealth LLC increased its position in shares of Veeva Systems by 2.9% in the fourth quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock valued at $428,000 after buying an additional 58 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after buying an additional 60 shares in the last quarter. Finally, True Wealth Design LLC increased its position in shares of Veeva Systems by 46.0% in the fourth quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock valued at $43,000 after buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on VEEV. Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Stifel Nicolaus boosted 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. Citigroup boosted their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Finally, Barclays boosted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $271.04.

Insider Transactions at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the sale, the director owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,858 shares of company stock worth $453,734. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Veeva Systems stock traded down $2.16 during trading on Thursday, reaching $282.20. The company had a trading volume of 1,131,991 shares, compared to its average volume of 1,165,946. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $291.69. The stock's 50 day moving average price is $264.32 and its two-hundred day moving average price is $238.57. The firm has a market capitalization of $46.11 billion, a price-to-earnings ratio of 59.79, a PEG ratio of 2.22 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates 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%. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.50 earnings per share. As a group, research analysts expect 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.