Ithaka Group LLC Sells 2,755 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Ithaka Group LLC has reduced its stake in Veeva Systems Inc. by 5.0%, now holding 52,749 shares, which comprise approximately 2.5% of its investment portfolio.
• Several large investors, including Abound Financial LLC and Key Financial Inc., have initiated new positions or increased their stakes in Veeva Systems during the first quarter.
• Analysts have raised their price targets for Veeva Systems, with Piper Sandler increasing it from $255.00 to $325.00, supporting a consensus rating of "Moderate Buy" for the stock.

Ithaka Group LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 52,749 shares of the technology company's stock after selling 2,755 shares during the period. Veeva Systems makes up 2.5% of Ithaka Group LLC's portfolio, making the stock its 15th biggest position. Ithaka Group LLC's holdings in Veeva Systems were worth $12,218,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of VEEV. Empower Advisory Group LLC raised its holdings in Veeva Systems by 16.7% during the 1st quarter. Empower Advisory Group LLC now owns 264,834 shares of the technology company's stock worth $61,343,000 after buying an additional 37,846 shares during the period. Empire Life Investments Inc. bought a new stake in shares of Veeva Systems during the first quarter worth $4,030,000. Earned Wealth Advisors LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $208,000. Blair William & Co. IL raised its holdings in shares of Veeva Systems by 6.8% during the first quarter. Blair William & Co. IL now owns 1,298,921 shares of the technology company's stock worth $300,869,000 after acquiring an additional 82,690 shares during the period. Finally, Argent Trust Co lifted its position in Veeva Systems by 5.6% in the 1st quarter. Argent Trust Co now owns 5,835 shares of the technology company's stock valued at $1,352,000 after acquiring an additional 311 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 0.3%

Shares of NYSE:VEEV traded up $0.79 on Wednesday, hitting $282.25. The company had a trading volume of 778,546 shares, compared to its average volume of 1,243,365. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 59.80, a P/E/G ratio of 2.23 and a beta of 0.95. The stock has a 50 day moving average price of $281.91 and a 200 day moving average price of $247.91. Veeva Systems Inc. has a 1-year low of $182.21 and a 1-year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its 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 business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.50 EPS. Sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 completion of the transaction, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on VEEV shares. Wells Fargo & Company lifted their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Piper Sandler boosted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Morgan Stanley lifted their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Finally, Citigroup lifted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.