Veeva Systems Inc. (NYSE:VEEV) Stock Position Lessened by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.7% during the first quarter, according to its most recent filing with the SEC. The fund owned 3,165,111 shares of the technology company's stock after selling 53,597 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.95% of Veeva Systems worth $733,135,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Abound Financial LLC bought a new position in shares of Veeva Systems in the first quarter worth approximately $25,000. ORG Partners LLC bought a new position in shares of Veeva Systems in the first quarter worth approximately $26,000. Golden State Wealth Management LLC grew its holdings in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new position in shares of Veeva Systems in the first quarter worth approximately $32,000. Finally, Key Financial Inc grew its holdings in shares of Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after purchasing an additional 95 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 in the last 90 days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 1.1%

Shares of VEEV traded down $3.05 during trading hours on Tuesday, reaching $279.23. 967,148 shares of the stock traded hands, compared to its average volume of 1,171,630. The company has a market cap of $45.63 billion, a P/E ratio of 59.16, a price-to-earnings-growth ratio of 2.19 and a beta of 0.98. The company's 50-day moving average price is $267.01 and its two-hundred day moving average price is $240.17. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $1.50 earnings per share. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on VEEV. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. KeyCorp lifted their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday. Mizuho lifted their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Barclays lifted 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. Finally, Morgan Stanley boosted their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Two 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 MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target 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.