Forsta AP Fonden Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Forsta AP Fonden reduced its stake in Veeva Systems Inc. by 4.0% in the first quarter, now holding 30,800 shares valued at approximately $7.13 million.
• Veeva Systems reported $1.97 earnings per share (EPS) for the last quarter, surpassing consensus estimates and showcasing a 16.7% year-over-year revenue increase to approximately $759 million.
• Brokerages have increased their price targets for Veeva Systems, with Stifel Nicolaus setting a new target of $295 and Barclays raising theirs to $300, reflecting positive analyst sentiment.

Forsta AP Fonden lowered its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,800 shares of the technology company's stock after selling 1,300 shares during the period. Forsta AP Fonden's holdings in Veeva Systems were worth $7,134,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in VEEV. NS Partners Ltd grew its holdings in shares of Veeva Systems by 1.2% in the 1st quarter. NS Partners Ltd now owns 70,102 shares of the technology company's stock worth $16,238,000 after acquiring an additional 865 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Veeva Systems by 11.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,077 shares of the technology company's stock worth $29,203,000 after acquiring an additional 12,945 shares in the last quarter. Mutual of America Capital Management LLC lifted its stake in Veeva Systems by 13.8% in the 1st quarter. Mutual of America Capital Management LLC now owns 3,577 shares of the technology company's stock worth $829,000 after acquiring an additional 433 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Veeva Systems by 5.5% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 9,664 shares of the technology company's stock worth $2,238,000 after acquiring an additional 502 shares in the last quarter. Finally, 1834 Investment Advisors Co. lifted its stake in Veeva Systems by 3.1% in the 1st quarter. 1834 Investment Advisors Co. now owns 2,658 shares of the technology company's stock worth $616,000 after acquiring an additional 80 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on VEEV. Citigroup boosted their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. UBS Group boosted their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Barclays upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Finally, Needham & Company LLC increased their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $274.17.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last three months. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.1%

Shares of VEEV stock traded down $0.29 on Wednesday, reaching $275.14. The company's stock had a trading volume of 41,869 shares, compared to its average volume of 1,307,141. Veeva Systems Inc. has a 12-month low of $187.66 and a 12-month high of $296.72. The company has a market capitalization of $44.96 billion, a P/E ratio of 58.26, a PEG ratio of 2.19 and a beta of 0.95. The stock's 50 day simple moving average is $282.71 and its 200-day simple moving average is $249.87.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for 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 company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $1.50 earnings per share. Research analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

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.