IFP Advisors Inc Has $129,000 Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• IFP Advisors Inc reduced its holdings in Veeva Systems Inc. by 69.1% in Q1, leaving them with 556 shares worth $129,000.
• Several large investors made significant investments in Veeva Systems during the fourth quarter, with 88.20% of the stock owned by institutional investors.
• Wall Street analysts have a positive outlook on Veeva, with a range of price target increases and an average rating of “Moderate Buy.”

IFP Advisors Inc trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 69.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 556 shares of the technology company's stock after selling 1,241 shares during the period. IFP Advisors Inc's holdings in Veeva Systems were worth $129,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of VEEV. T. Rowe Price Investment Management Inc. raised its stake in shares of Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock valued at $1,086,930,000 after acquiring an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in Veeva Systems in the fourth quarter valued at approximately $685,355,000. FMR LLC grew its stake in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares during the period. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after acquiring an additional 188,332 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after buying an additional 38,108 shares during the period. Institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. KeyCorp upped their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Barclays raised their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus boosted their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Mizuho lifted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Down 1.1%

Veeva Systems stock traded down $3.15 during trading hours on Friday, hitting $281.05. The stock had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. The business's 50 day simple moving average is $279.05 and its 200-day simple moving average is $246.25. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $296.72. The stock has a market cap of $45.93 billion, a price-to-earnings ratio of 59.54, a P/E/G ratio of 2.25 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued 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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter last year, the business earned $1.50 EPS. The firm's quarterly revenue was up 16.7% on a year-over-year basis. Research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 171 shares of the 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 completion of the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 over the last 90 days. 10.30% of the stock is owned by 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.