Lecap Asset Management Ltd. Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Lecap Asset Management Ltd. cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 84.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,391 shares of the technology company's stock after selling 12,859 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Veeva Systems were worth $554,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Asset Management One Co. Ltd. lifted its stake in Veeva Systems by 6.3% in the first quarter. Asset Management One Co. Ltd. now owns 59,751 shares of the technology company's stock worth $13,840,000 after acquiring an additional 3,536 shares during the period. Whalen Wealth Management Inc. purchased a new stake in Veeva Systems in the first quarter worth about $644,000. Flagship Harbor Advisors LLC lifted its stake in Veeva Systems by 19.0% in the first quarter. Flagship Harbor Advisors LLC now owns 2,289 shares of the technology company's stock worth $530,000 after acquiring an additional 366 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Veeva Systems in the first quarter worth about $993,000. Finally, Kentucky Retirement Systems purchased a new stake in Veeva Systems in the first quarter worth about $2,333,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director now owns 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,184 shares of company stock valued at $1,376,179 in the last 90 days. 10.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Raymond James Financial upped their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Scotiabank increased their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research report on Thursday, March 6th. Piper Sandler increased their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Mizuho increased their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $269.80.

Veeva Systems Trading Up 0.7%

Shares of NYSE:VEEV opened at $281.40 on Friday. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69. The company's 50 day moving average is $253.76 and its 200 day moving average is $235.27. The company has a market cap of $45.98 billion, a PE ratio of 59.62, a price-to-earnings-growth ratio of 2.18 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued 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. 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 the consensus estimate of $728.38 million. During the same quarter in the prior year, the company earned $1.50 EPS. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems 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.

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