Envestnet Portfolio Solutions Inc. Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Envestnet Portfolio Solutions Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 27,567 shares of the technology company's stock after selling 10,074 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Veeva Systems were worth $6,385,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of VEEV. T. Rowe Price Investment Management Inc. lifted 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 valued at $1,086,930,000 after purchasing an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. FMR LLC lifted its position in Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares during the period. JPMorgan Chase & Co. lifted its position in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after purchasing an additional 447,041 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Veeva Systems by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock worth $589,208,000 after purchasing an additional 38,108 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. Wells Fargo & Company boosted their target price 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. Morgan Stanley lifted their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Piper Sandler boosted their price target on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Robert W. Baird lifted their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded down $2.15 during trading on Friday, reaching $279.28. 3,112,070 shares of the stock traded hands, compared to its average volume of 1,151,935. The company has a market capitalization of $45.64 billion, a price-to-earnings ratio of 59.17, a P/E/G ratio of 2.20 and a beta of 0.99. The business has a fifty day simple moving average of $248.97 and a two-hundred day simple moving average of $234.17. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69.

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, beating the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm'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 EPS. On average, research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director now owns 5,500 shares of the company's stock, 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. Over the last ninety days, insiders sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is owned by corporate insiders.

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.