Exchange Traded Concepts LLC Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Exchange Traded Concepts LLC reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 70.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,937 shares of the technology company's stock after selling 9,336 shares during the quarter. Exchange Traded Concepts LLC's holdings in Veeva Systems were worth $912,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Johnson Financial Group Inc. boosted its position in shares of Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after purchasing an additional 44 shares in the last quarter. Colonial Trust Co SC boosted its position in shares of Veeva Systems by 30.3% in the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after purchasing an additional 56 shares in the last quarter. Twin City Private Wealth LLC boosted its position in shares of Veeva Systems by 2.9% in the 4th quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after purchasing an additional 58 shares in the last quarter. CoreCap Advisors LLC boosted its position in shares of Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after purchasing an additional 60 shares in the last quarter. Finally, True Wealth Design LLC boosted its position in shares of Veeva Systems by 46.0% in the 4th quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock worth $43,000 after purchasing an additional 64 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Down 0.2%

VEEV opened at $281.24 on Friday. The firm has a market cap of $45.96 billion, a P/E ratio of 59.58, a P/E/G ratio of 2.21 and a beta of 0.99. Veeva Systems Inc. has a 12 month low of $176.56 and a 12 month high of $291.69. The stock has a 50-day moving average of $247.75 and a 200 day moving average of $233.83.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analyst estimates 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 was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.50 earnings per share. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on 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 now owns 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock valued at $1,376,179 over the last 90 days. Insiders own 10.30% of the company's stock.

Analyst Ratings Changes

VEEV has been the topic of a number of analyst reports. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Morgan Stanley upped their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Scotiabank increased their price target on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. Robert W. Baird increased their price target on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Finally, KeyCorp reduced their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $269.80.

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.

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