Evergreen Capital Management LLC Lowers Stake in Veeva Systems Inc. $VEEV

Key Points

• Evergreen Capital Management LLC reduced its stake in Veeva Systems by 11.3%, selling 2,666 shares during the first quarter, leaving it with 20,897 shares valued at approximately $4.84 million.
• Veeva Systems reported a quarterly earnings per share (EPS) of $1.97, exceeding analysts' expectations of $1.74, with revenues of $759.04 million, marking a year-over-year increase of 16.7%.
• Analysts have varied opinions on Veeva Systems, with several firms raising their price targets and assigning ratings ranging from "underweight" to "outperform," indicating a consensus rating of "Moderate Buy".

Evergreen Capital Management LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,897 shares of the technology company's stock after selling 2,666 shares during the period. Evergreen Capital Management LLC's holdings in Veeva Systems were worth $4,840,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Veeva Systems by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Veeva Systems by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after acquiring an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Veeva Systems by 20.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after acquiring an additional 689,700 shares during the period. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $685,355,000. Finally, JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after purchasing an additional 225,125 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV traded up $0.56 during midday trading on Tuesday, reaching $269.76. 1,495,921 shares of the stock traded hands, compared to its average volume of 1,330,421. The company has a fifty day moving average of $282.16 and a 200 day moving average of $254.56. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72. The stock has a market capitalization of $44.08 billion, a P/E ratio of 55.39, a PEG ratio of 2.12 and a beta of 0.95.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the sale, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of several analyst reports. Barclays raised their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Wells Fargo & Company lifted their price objective on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Canaccord Genuity Group lifted their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Truist Financial lifted their price target on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Finally, Piper Sandler lifted their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $299.88.

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.