Peregrine Capital Management LLC Has $56.44 Million Holdings in Veeva Systems Inc. (NYSE:VEEV)

Peregrine Capital Management LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 243,671 shares of the technology company's stock after selling 8,707 shares during the period. Veeva Systems makes up approximately 1.9% of Peregrine Capital Management LLC's portfolio, making the stock its 12th biggest holding. Peregrine Capital Management LLC owned approximately 0.15% of Veeva Systems worth $56,442,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its holdings in Veeva Systems by 3.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC acquired a new position in Veeva Systems in the fourth quarter valued at approximately $685,355,000. FMR LLC grew its holdings in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock worth $589,208,000 after purchasing an additional 38,108 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of the 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 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 SEC, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on 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. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,397 shares of company stock valued at $1,198,160. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

Shares of VEEV stock traded down $0.69 on Wednesday, reaching $282.21. 421,636 shares of the company's stock traded hands, compared to its average volume of 1,153,854. The company has a market capitalization of $46.12 billion, a P/E ratio of 59.72, a price-to-earnings-growth ratio of 2.28 and a beta of 0.98. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $291.69. The business's 50 day moving average price is $258.00 and its two-hundred day moving average price is $236.30.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating 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 firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the previous year, the firm posted $1.50 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. Research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

VEEV has been the topic of several recent research reports. Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Needham & Company LLC boosted their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Piper Sandler raised their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Mizuho boosted their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, JPMorgan Chase & Co. raised their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $269.80.

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.