DAVENPORT & Co LLC Has $2.39 Million Holdings in Veeva Systems Inc. (NYSE:VEEV)

DAVENPORT & Co LLC cut its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,297 shares of the technology company's stock after selling 1,738 shares during the quarter. DAVENPORT & Co LLC's holdings in Veeva Systems were worth $2,385,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of VEEV. ORG Partners LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $26,000. Golden State Wealth Management LLC increased its position 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 worth $30,000 after buying an additional 78 shares during the period. Promus Capital LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth $36,000. Itau Unibanco Holding S.A. increased its position in shares of Veeva Systems by 389.2% during the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after buying an additional 144 shares during the period. Finally, OFI Invest Asset Management acquired a new stake in Veeva Systems in the fourth quarter worth $41,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Veeva Systems stock opened at $277.23 on Friday. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69. The stock has a market cap of $45.30 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. The firm's 50-day simple moving average is $261.22 and its 200 day simple moving average is $237.33.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same period in the previous year, the company earned $1.50 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on VEEV. JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. 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. Truist Financial lifted their price target 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. Finally, Wells Fargo & Company lifted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider directly owned 25,889 shares in the company, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by insiders.

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.

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