Maryland State Retirement & Pension System Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Veeva Systems Inc. (NYSE:VEEV) by 12.4%, selling 980 shares to own a total of 6,895 shares valued at approximately $1.6 million.
• Veeva Systems recently received price target increases from several analysts, with Wells Fargo raising its target from $285 to $300 and maintaining an "overweight" rating.
• The company reported an earnings per share (EPS) of $1.97 for the last quarter, surpassing analysts' expectations, and has a projected EPS of 4.35 for the current fiscal year.

Maryland State Retirement & Pension System trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,895 shares of the technology company's stock after selling 980 shares during the quarter. Maryland State Retirement & Pension System's holdings in Veeva Systems were worth $1,597,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in VEEV. Johnson Financial Group Inc. increased its position in Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after purchasing an additional 44 shares during the period. Marks Group Wealth Management Inc increased its position in Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after purchasing an additional 46 shares during the period. Colonial Trust Co SC increased its position in Veeva Systems by 30.3% during the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after purchasing an additional 56 shares during the period. Harbour Investments Inc. increased its position in Veeva Systems by 7.6% during the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after purchasing an additional 56 shares during the period. Finally, CoreCap Advisors LLC increased its position in Veeva Systems by 31.7% during the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction dated 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 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. Insiders have sold 1,378 shares of company stock worth $394,217 over the last quarter. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.1%

Shares of VEEV stock traded down $0.29 on Wednesday, hitting $275.14. The stock had a trading volume of 41,869 shares, compared to its average volume of 1,307,141. The business has a 50 day moving average price of $282.71 and a 200 day moving average price of $249.87. The company has a market cap of $44.96 billion, a PE ratio of 58.26, a P/E/G ratio of 2.19 and a beta of 0.95. Veeva Systems Inc. has a one year low of $187.66 and a one year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 earnings per share. Equities research analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on VEEV shares. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. KeyCorp boosted their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Truist Financial boosted their target price 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 lifted their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC lifted their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.