Montanaro Asset Management Ltd Sells 21,920 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Montanaro Asset Management Ltd has reduced its holdings in Veeva Systems Inc. by 35.3%, owning 40,230 shares valued at approximately $9.32 million, which represents 2.7% of their total assets.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Veeva Systems, with price targets raised significantly, including an increase from $217 to $230 by Truist Financial.
• Veeva Systems reported a quarterly revenue of $759.04 million and earnings per share (EPS) of $1.97, exceeding expectations and marking a 16.7% year-over-year growth.

Montanaro Asset Management Ltd lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 35.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 40,230 shares of the technology company's stock after selling 21,920 shares during the period. Veeva Systems accounts for approximately 2.7% of Montanaro Asset Management Ltd's portfolio, making the stock its 18th largest position. Montanaro Asset Management Ltd's holdings in Veeva Systems were worth $9,318,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Abound Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter valued at $25,000. ORG Partners LLC acquired a new position in Veeva Systems during the first quarter worth $26,000. Golden State Wealth Management LLC raised its holdings in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Veeva Systems during the first quarter worth $32,000. Finally, Key Financial Inc raised its holdings in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on VEEV. UBS Group upped their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Piper Sandler upped their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Mizuho upped their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Needham & Company LLC upped their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Stifel Nicolaus upped their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 over the last three months. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

VEEV traded down $3.98 on Thursday, reaching $275.20. The company had a trading volume of 83,539 shares, compared to its average volume of 1,304,495. The business has a 50 day simple moving average of $282.64 and a 200 day simple moving average of $250.07. The company has a market cap of $44.97 billion, a price-to-earnings ratio of 58.28, a P/E/G ratio of 2.18 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $190.38 and a 52-week 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business 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%. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $1.50 earnings per share. As a group, equities research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal 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.