OVERSEA CHINESE BANKING Corp Ltd Cuts Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Veeva Systems Inc. by 64.3%, now holding 1,713 shares valued at approximately $397,000.
• Veeva Systems reported a 16.7% year-over-year revenue increase with $759.04 million for the quarter, surpassing analyst expectations.
• Analysts raised Veeva's target price multiple times, with a new average target of $274.17 and most ratings leaning towards a buy.

OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 64.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,713 shares of the technology company's stock after selling 3,081 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Veeva Systems were worth $397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in VEEV. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth about $137,260,000. Marshall Wace LLP lifted its stake in Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock worth $134,219,000 after purchasing an additional 514,004 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Veeva Systems by 26,258.4% in the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after buying an additional 420,659 shares during the period. Finally, Linonia Partnership LP grew its stake in Veeva Systems by 42.1% in the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after purchasing an additional 356,300 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

Shares of VEEV traded up $0.79 during trading hours on Wednesday, hitting $282.25. 778,546 shares of the stock were exchanged, compared to its average volume of 1,243,365. The stock's 50-day moving average price is $281.91 and its two-hundred day moving average price is $247.91. Veeva Systems Inc. has a 12-month low of $182.21 and a 12-month high of $296.72. The company has a market cap of $46.12 billion, a price-to-earnings ratio of 59.80, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95.

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 the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for 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%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 EPS. On average, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on VEEV. Mizuho increased their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Citigroup lifted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Wells Fargo & Company lifted their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Raymond James Financial lifted their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Finally, Morgan Stanley lifted their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Two investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were 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 of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

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.