Morningstar Investment Services LLC Has $1.41 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Morningstar Investment Services LLC lessened its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 59.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,092 shares of the technology company's stock after selling 9,014 shares during the period. Morningstar Investment Services LLC's holdings in Veeva Systems were worth $1,411,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of VEEV. Allen Capital Group LLC raised its position in shares of Veeva Systems by 13.3% during the first quarter. Allen Capital Group LLC now owns 13,737 shares of the technology company's stock worth $3,182,000 after purchasing an additional 1,617 shares during the period. Triasima Portfolio Management inc. acquired a new stake in shares of Veeva Systems during the first quarter worth $672,000. Victory Capital Management Inc. raised its position in shares of Veeva Systems by 3.9% during the first quarter. Victory Capital Management Inc. now owns 71,497 shares of the technology company's stock worth $16,561,000 after purchasing an additional 2,677 shares during the period. Larson Financial Group LLC raised its position in shares of Veeva Systems by 71.9% during the first quarter. Larson Financial Group LLC now owns 2,984 shares of the technology company's stock worth $691,000 after purchasing an additional 1,248 shares during the period. Finally, PAX Financial Group LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $1,187,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Up 0.3%

VEEV stock traded up $0.88 during midday trading on Monday, reaching $283.17. 813,599 shares of the company's stock traded hands, compared to its average volume of 1,174,472. The company has a 50-day simple moving average of $270.48 and a two-hundred day simple moving average of $242.11. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69. The company has a market cap of $46.27 billion, a price-to-earnings ratio of 60.00, a PEG ratio of 2.24 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly 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. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period last year, the firm posted $1.50 EPS. The business's revenue was up 16.7% on a year-over-year basis. Equities research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on VEEV shares. Stifel Nicolaus upped their price target on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. UBS Group boosted their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Morgan Stanley boosted their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Finally, Citigroup boosted their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $274.17.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

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.