National Bank of Canada FI Sells 1,096 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• National Bank of Canada FI has reduced its stake in Veeva Systems Inc. by 12.1%, now owning 7,942 shares valued at approximately $1.84 million.
• Analysts have raised their target prices for Veeva Systems, with Barclays setting a new target of $300 and Piper Sandler at $325, indicating positive sentiment in the market.
• Insider transactions reveal significant selling activity, with executives reporting sales of 1,378 shares collectively valued at around $394,217 over the past three months.

National Bank of Canada FI lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,942 shares of the technology company's stock after selling 1,096 shares during the period. National Bank of Canada FI's holdings in Veeva Systems were worth $1,839,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Johnson Financial Group Inc. lifted its position in shares of 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 acquiring an additional 44 shares in the last quarter. Marks Group Wealth Management Inc increased its stake in Veeva Systems by 3.3% during the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after acquiring an additional 46 shares during the last quarter. Colonial Trust Co SC increased its stake in Veeva Systems by 30.3% during the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after acquiring an additional 56 shares during the last quarter. Harbour Investments Inc. boosted its position in shares of Veeva Systems by 7.6% in the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after buying an additional 56 shares during the period. Finally, CoreCap Advisors LLC boosted its position in shares of Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after buying an additional 60 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on VEEV. Morgan Stanley increased their price target on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Truist Financial raised their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Raymond James Financial lifted their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Wells Fargo & Company lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Mizuho raised their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Two equities 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Trading Up 1.9%

Shares of VEEV stock traded up $5.20 on Friday, hitting $280.18. The stock had a trading volume of 815,649 shares, compared to its average volume of 1,205,987. Veeva Systems Inc. has a twelve month low of $190.69 and a twelve month high of $296.72. The firm has a market cap of $45.78 billion, a P/E ratio of 59.36, a PEG ratio of 2.22 and a beta of 0.95. The company has a fifty day moving average price of $282.25 and a two-hundred day moving average price of $250.87.

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

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This 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 stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 in the last quarter. Company insiders own 10.30% of the company's stock.

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.