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

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

Other hedge funds have also modified their holdings of the company. Johnson Financial Group Inc. grew its holdings 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 worth $56,000 after purchasing an additional 44 shares during the last quarter. Colonial Trust Co SC raised its position in shares of Veeva Systems by 30.3% in the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after purchasing an additional 56 shares during the last quarter. Twin City Private Wealth LLC raised its position in Veeva Systems by 2.9% during the 4th quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after buying an additional 58 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of Veeva Systems by 31.7% during the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after purchasing an additional 60 shares during the period. Finally, True Wealth Design LLC grew its stake in Veeva Systems by 46.0% in the 4th quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock valued at $43,000 after acquiring an additional 64 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Down 0.1%

VEEV stock traded down $0.16 during mid-day trading on Thursday, hitting $284.20. The stock had a trading volume of 288,604 shares, compared to its average volume of 1,162,675. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69. The company has a fifty day moving average of $264.32 and a 200 day moving average of $238.57. The stock has a market capitalization of $46.44 billion, a price-to-earnings ratio of 60.17, a PEG ratio of 2.22 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the firm posted $1.50 EPS. The business's revenue was up 16.7% compared to the same quarter last year. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Priscilla Hung sold 172 shares of the 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 sale, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,858 shares of company stock valued at $453,734. Insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on VEEV. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. KeyCorp cut their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company upped their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Finally, Mizuho raised their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $271.04.

Veeva Systems Company 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.