Veeva Systems Inc. (NYSE:VEEV) Shares Sold by M&T Bank Corp

M&T Bank Corp decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,686 shares of the technology company's stock after selling 1,105 shares during the period. M&T Bank Corp's holdings in Veeva Systems were worth $3,633,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Veeva Systems in the 1st quarter valued at about $25,000. Crossmark Global Holdings Inc. acquired a new position in Veeva Systems in the first quarter valued at about $299,000. Raleigh Capital Management Inc. lifted its holdings in shares of Veeva Systems by 42,900.0% in the 1st quarter. Raleigh Capital Management Inc. now owns 430 shares of the technology company's stock worth $100,000 after acquiring an additional 429 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of Veeva Systems by 4.5% during the first quarter. TD Private Client Wealth LLC now owns 7,921 shares of the technology company's stock worth $1,835,000 after buying an additional 339 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. boosted its holdings in Veeva Systems by 1.5% during the 1st quarter. Financiere des Professionnels Fonds d investissement inc. now owns 10,670 shares of the technology company's stock valued at $2,471,000 after acquiring an additional 161 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $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 can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,578 shares of company stock valued at $659,381. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

NYSE:VEEV traded down $5.82 during mid-day trading on Friday, hitting $275.82. 1,660,228 shares of the company's stock traded hands, compared to its average volume of 1,169,879. The firm's 50 day simple moving average is $265.32 and its 200 day simple moving average is $238.97. 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 $45.07 billion, a PE ratio of 58.44, a price-to-earnings-growth ratio of 2.23 and a beta of 0.98.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on VEEV shares. Barclays upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. KeyCorp lowered their target price on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Needham & Company LLC upped their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Wells Fargo & Company increased their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Finally, Piper Sandler increased their price target 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. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $271.04.

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.