Natixis Advisors LLC Sells 29,177 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Natixis Advisors LLC reduced its stake in Veeva Systems Inc. by 26.8% in the first quarter, selling 29,177 shares and owning 79,626 shares valued at approximately $18.4 million.
• Veeva Systems received several price target upgrades from analysts, with UBS Group raising its target from $250 to $285, and Stifel Nicolaus increasing their target from $272 to $295, indicating a general positive sentiment towards the company's stock.
• Shares of Veeva Systems have shown a 1.1% decrease, trading at approximately $281.05, with a market capitalization of $45.93 billion.

Natixis Advisors LLC lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,626 shares of the technology company's stock after selling 29,177 shares during the quarter. Natixis Advisors LLC's holdings in Veeva Systems were worth $18,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Abound Financial LLC purchased a new position in shares of Veeva Systems during the 1st quarter worth approximately $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC grew its stake in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the period. Wayfinding Financial LLC bought a new position in Veeva Systems in the first quarter worth $32,000. Finally, Key Financial Inc lifted its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

VEEV has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Stifel Nicolaus upped their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Truist Financial lifted their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Morgan Stanley upped their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Finally, Wells Fargo & Company raised 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.1%

VEEV opened at $281.05 on Friday. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 2.23 and a beta of 0.95. The firm has a 50 day moving average price of $280.01 and a 200-day moving average price of $246.97. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month 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 during the quarter, compared to analyst estimates 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 business earned $1.50 EPS. As a group, analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current 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.

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