Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 65.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,264 shares of the technology company's stock after selling 42,400 shares during the quarter. Moran Wealth Management LLC's holdings in Veeva Systems were worth $5,157,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Johnson Financial Group Inc. boosted its holdings in Veeva Systems by 22.7% in the fourth 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 in the last quarter. Colonial Trust Co SC boosted its holdings in Veeva Systems by 30.3% in the fourth 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 in the last quarter. Twin City Private Wealth LLC boosted its holdings in Veeva Systems by 2.9% in the fourth quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock valued at $428,000 after purchasing an additional 58 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares in the last quarter. Finally, True Wealth Design LLC boosted its holdings in shares of Veeva Systems by 46.0% in the fourth quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock valued at $43,000 after acquiring an additional 64 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the firm's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now owns 5,500 shares of the company's stock, valued at approximately $1,192,565. This represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock worth $1,376,179 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

VEEV has been the subject of several research analyst reports. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. KeyCorp decreased their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Robert W. Baird increased their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Wells Fargo & Company increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Finally, Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Veeva Systems Stock Performance

Veeva Systems stock traded up $1.70 during midday trading on Friday, reaching $282.89. The company's stock had a trading volume of 1,780,158 shares, compared to its average volume of 1,154,165. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69. The stock's 50 day simple moving average is $255.10 and its 200 day simple moving average is $235.56. The firm has a market capitalization of $46.23 billion, a PE ratio of 59.93, a P/E/G ratio of 2.24 and a beta of 0.99.

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