Citigroup Inc. Sells 12,819 Shares of Veeva Systems Inc. (NYSE:VEEV)

Citigroup Inc. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 89,882 shares of the technology company's stock after selling 12,819 shares during the period. Citigroup Inc. owned about 0.06% of Veeva Systems worth $20,819,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Abound Financial LLC bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC grew its stake 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 bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $32,000. Finally, Key Financial Inc grew its stake 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 purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

VEEV stock traded up $5.20 during midday trading on Friday, hitting $280.18. The company's stock had a trading volume of 815,649 shares, compared to its average volume of 1,205,987. Veeva Systems Inc. has a twelve month low of $190.69 and a twelve month high of $296.72. The company's fifty day moving average price is $282.25 and its 200 day moving average price is $250.75. The stock has a market capitalization of $45.78 billion, a P/E ratio of 59.36, a PEG ratio of 2.18 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same quarter last year, the firm posted $1.50 EPS. The company's quarterly revenue was up 16.7% on a year-over-year basis. Equities analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity

In other news, Director Priscilla Hung sold 172 shares of Veeva Systems 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 transaction, the director owned 4,137 shares of the company's stock, valued at $1,170,771. This trade represents a 3.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jonathan Faddis sold 720 shares of the 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 in the last quarter. Company insiders own 10.30% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on VEEV shares. Mizuho increased their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Truist Financial raised their price objective on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Morgan Stanley raised their price objective 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. Finally, Piper Sandler raised their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $274.17.

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.