Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Kestra Private Wealth Services LLC

Key Points

• Kestra Private Wealth Services LLC has reduced its stake in Veeva Systems Inc. by 33.5%, selling 1,375 shares, and now holds 2,734 shares valued at approximately $633,000.
• Veeva Systems reported earnings of $1.97 per share, exceeding analysts' expectations of $1.74, and showed a 16.7% year-over-year revenue increase to $759.04 million.
• Various analysts have raised their price targets for Veeva Systems, with Piper Sandler setting a new target of $325.00 and indicating an "overweight" rating for the stock.

Kestra Private Wealth Services LLC trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 33.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,734 shares of the technology company's stock after selling 1,375 shares during the period. Kestra Private Wealth Services LLC's holdings in Veeva Systems were worth $633,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Allen Capital Group LLC raised its holdings in shares of Veeva Systems by 13.3% in the 1st quarter. Allen Capital Group LLC now owns 13,737 shares of the technology company's stock worth $3,182,000 after buying an additional 1,617 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in Veeva Systems during the first quarter worth about $672,000. Victory Capital Management Inc. lifted its holdings in Veeva Systems by 3.9% during the first quarter. Victory Capital Management Inc. now owns 71,497 shares of the technology company's stock worth $16,561,000 after acquiring an additional 2,677 shares in the last quarter. Larson Financial Group LLC lifted its holdings in shares of Veeva Systems by 71.9% in the first quarter. Larson Financial Group LLC now owns 2,984 shares of the technology company's stock valued at $691,000 after purchasing an additional 1,248 shares in the last quarter. Finally, PAX Financial Group LLC bought a new stake in shares of Veeva Systems in the first quarter valued at about $1,187,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $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. Over the last ninety days, insiders sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on VEEV shares. Truist Financial boosted their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. UBS Group upped their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Morgan Stanley upped their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. KeyCorp increased their price target on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Mizuho increased their price objective on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Trading Up 1.4%

VEEV traded up $4.03 during midday trading on Monday, hitting $294.44. 737,336 shares of the company traded hands, compared to its average volume of 1,325,797. The company has a market capitalization of $48.11 billion, a price-to-earnings ratio of 62.38, a PEG ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $295.45. The business has a 50 day simple moving average of $275.05 and a two-hundred day simple moving average of $244.65.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for 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%. The company's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $1.50 earnings per share. Equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.