Veeva Systems Inc. (NYSE:VEEV) Holdings Lowered by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management has reduced its holdings in Veeva Systems by 48.7%, selling 10,656 shares, resulting in ownership of 11,230 shares valued at approximately $2.6 million.
• Several hedge funds have significantly increased their positions in Veeva Systems, with notable acquisitions including Leigh Baldwin & CO. LLC and Norges Bank during the fourth quarter.
• Veeva Systems reported a 16.7% year-over-year revenue increase to $759.04 million and earnings per share of $1.97, exceeding analyst expectations by $0.23.

Nikko Asset Management Americas Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,230 shares of the technology company's stock after selling 10,656 shares during the quarter. Nikko Asset Management Americas Inc.'s holdings in Veeva Systems were worth $2,601,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of VEEV. Abound Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the 1st quarter valued at $26,000. Golden State Wealth Management LLC raised its stake in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Veeva Systems during the 1st quarter valued at $32,000. Finally, Key Financial Inc increased its position in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 0.6%

NYSE:VEEV traded up $1.71 on Wednesday, reaching $288.94. 213,268 shares of the company's stock were exchanged, compared to its average volume of 1,324,113. The business has a fifty day moving average of $277.04 and a 200-day moving average of $245.47. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $296.72. The firm has a market capitalization of $47.22 billion, a price-to-earnings ratio of 61.20, a price-to-earnings-growth ratio of 2.32 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million for 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 firm's revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.50 earnings per share. As a group, equities analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of research analyst reports. Piper Sandler lifted their price target on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Morgan Stanley increased their price target on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus increased their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Citigroup raised 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. Finally, Truist Financial lifted their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research report on Thursday, May 29th. Two 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

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.