HighTower Advisors LLC Has $3.05 Million Stake in Veeva Systems Inc. $VEEV

Key Points

• HighTower Advisors LLC reduced its holdings in Veeva Systems Inc. by 14.1%, now owning 13,163 shares valued at approximately $3 million.
• Several other institutional investors, including Sowell Financial Services LLC and Crossmark Global Holdings Inc., have also changed their stakes in Veeva Systems during the same quarter.
• Veeva Systems recently reported better-than-expected earnings, with a revenue increase of 16.7% year-over-year, highlighting strong performance in the life sciences software sector.

HighTower Advisors LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.1% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 13,163 shares of the technology company's stock after selling 2,168 shares during the period. HighTower Advisors LLC's holdings in Veeva Systems were worth $3,049,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Veeva Systems by 2.2% in the 1st 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. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. JPMorgan Chase & Co. raised its stake in shares of Veeva Systems by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares in the last quarter. Principal Financial Group Inc. lifted its position in Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after purchasing an additional 188,332 shares during the period. Finally, Nuveen LLC bought a new position in Veeva Systems in the first quarter worth $365,684,000. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other news, 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 completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director directly owned 4,137 shares in the company, valued at $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 ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

Analyst Ratings Changes

VEEV has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Raymond James Financial increased their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Needham & Company LLC lifted their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, KeyCorp lifted their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Stock Up 3.1%

NYSE:VEEV traded up $8.75 during mid-day trading on Friday, reaching $291.03. 961,444 shares of the company were exchanged, compared to its average volume of 1,080,466. The stock has a market cap of $47.56 billion, a PE ratio of 61.66, a PEG ratio of 2.30 and a beta of 0.95. Veeva Systems Inc. has a 12 month low of $196.10 and a 12 month high of $296.72. The company has a fifty day moving average of $282.35 and a 200 day moving average of $252.59.

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