Ninety One UK Ltd Sells 10,951 Shares of Veeva Systems Inc. (NYSE:VEEV)

Ninety One UK Ltd reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 110,092 shares of the technology company's stock after selling 10,951 shares during the period. Ninety One UK Ltd owned 0.07% of Veeva Systems worth $25,501,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of VEEV. Sowell Financial Services LLC purchased a new position in Veeva Systems in the first quarter valued at approximately $274,000. GAMMA Investing LLC raised its holdings in Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the period. Janney Montgomery Scott LLC purchased a new position in Veeva Systems in the first quarter valued at approximately $5,876,000. Private Trust Co. NA raised its stake in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares during the period. Finally, Amalgamated Bank raised its stake in shares of Veeva Systems by 5.0% during the first quarter. Amalgamated Bank now owns 10,949 shares of the technology company's stock valued at $2,536,000 after purchasing an additional 520 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider directly owned 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,858 shares of company stock valued at $453,734 over the last 90 days. 10.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Stifel Nicolaus raised their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Citigroup raised their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, KeyCorp dropped their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $271.04.

Veeva Systems Stock Performance

NYSE VEEV traded down $5.82 on Friday, reaching $275.82. The company's stock had a trading volume of 1,641,640 shares, compared to its average volume of 1,168,859. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69. The stock has a market cap of $45.07 billion, a PE ratio of 58.44, a PEG ratio of 2.25 and a beta of 0.98. The firm's 50 day moving average is $265.32 and its two-hundred day moving average is $238.97.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly 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 company 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%. Veeva Systems's revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.50 EPS. Equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems Profile

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.