Ninety One UK Ltd Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Ninety One UK Ltd decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,092 shares of the technology company's stock after selling 10,951 shares during the period. Ninety One UK Ltd owned about 0.07% of Veeva Systems worth $25,501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Abound Financial LLC bought a new position in Veeva Systems during the first quarter valued at approximately $25,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the first quarter worth approximately $299,000. Raleigh Capital Management Inc. raised its position in Veeva Systems by 42,900.0% in the first 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 period. TD Private Client Wealth LLC raised its position in Veeva Systems by 4.5% in the first quarter. TD Private Client Wealth LLC now owns 7,921 shares of the technology company's stock worth $1,835,000 after acquiring an additional 339 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. raised its position in Veeva Systems by 1.5% in the first quarter. Financiere des Professionnels Fonds d investissement inc. now owns 10,670 shares of the technology company's stock worth $2,471,000 after acquiring an additional 161 shares during the period. Institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several recent research reports. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Citigroup increased their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. UBS Group increased their price target 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. Mizuho raised their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, KeyCorp decreased their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $271.04.

Veeva Systems Stock Performance

Shares of VEEV traded down $2.16 during mid-day trading on Thursday, hitting $282.20. 1,131,991 shares of the stock were exchanged, compared to its average volume of 1,166,894. The company has a market cap of $46.11 billion, a PE ratio of 59.79, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69. The firm has a 50-day moving average of $264.32 and a two-hundred day moving average of $238.57.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period last year, the company posted $1.50 EPS. The business's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Buying and Selling

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated 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 directly owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,858 shares of company stock worth $453,734. Corporate 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.