Gulf International Bank UK Ltd Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Veeva Systems Inc. by 22.4%, selling 2,563 shares, and now holds 8,860 shares valued at approximately $2,052,000.
• Veeva Systems recently posted a quarterly earnings report revealing an EPS of $1.97, exceeding analyst expectations of $1.74, indicating a 16.7% year-over-year revenue increase.
• Analysts have increased their target prices for Veeva Systems, with several firms rating the stock as "overweight," reflecting growing confidence in its performance and prospects.

Gulf International Bank UK Ltd reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,860 shares of the technology company's stock after selling 2,563 shares during the quarter. Gulf International Bank UK Ltd's holdings in Veeva Systems were worth $2,052,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Abound Financial LLC acquired a new stake in Veeva Systems in the first quarter valued at approximately $25,000. ORG Partners LLC acquired a new stake in Veeva Systems in the first quarter valued at approximately $26,000. Golden State Wealth Management LLC grew its holdings in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in Veeva Systems in the first quarter valued at approximately $32,000. Finally, Key Financial Inc boosted its stake in shares of Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 1.9%

NYSE:VEEV traded up $5.20 on Friday, reaching $280.18. The company's stock had a trading volume of 815,649 shares, compared to its average volume of 1,205,987. Veeva Systems Inc. has a 12-month low of $190.69 and a 12-month high of $296.72. The firm has a market cap of $45.78 billion, a price-to-earnings ratio of 59.36, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The stock has a 50 day moving average price of $282.25 and a 200 day moving average price of $250.87.

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

Analysts Set New Price Targets

VEEV has been the topic of a number of research analyst reports. Citigroup lifted their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Stifel Nicolaus lifted their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, KeyCorp lifted their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.

Insider Buying and Selling at Veeva Systems

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