Oak Thistle LLC Sells 9,820 Shares of Veeva Systems Inc. (NYSE:VEEV)

Oak Thistle LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 81.2% 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 2,273 shares of the technology company's stock after selling 9,820 shares during the quarter. Oak Thistle LLC's holdings in Veeva Systems were worth $526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Abound Financial LLC bought a new position in shares of Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC bought a new position in shares of Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC grew its holdings in shares of 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 last quarter. Wayfinding Financial LLC bought a new position in shares of Veeva Systems in the first quarter worth about $32,000. Finally, Key Financial Inc grew its holdings in Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. 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. Morgan Stanley boosted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. 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. Piper Sandler upped their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Finally, Wells Fargo & Company increased their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Trading Down 0.2%

NYSE:VEEV traded down $0.52 on Friday, hitting $290.73. The company's stock had a trading volume of 1,210,059 shares, compared to its average volume of 1,228,931. The stock has a fifty day moving average of $275.05 and a two-hundred day moving average of $244.28. The firm has a market capitalization of $47.51 billion, a P/E ratio of 61.60, a price-to-earnings-growth ratio of 2.31 and a beta of 0.98. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $294.00.

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, topping analysts' consensus estimates 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 return on equity of 13.96% and a net margin of 27.34%. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.50 earnings per share. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 EPS 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.