PNC Financial Services Group Inc. Sells 3,094 Shares of Veeva Systems Inc. (NYSE:VEEV)

PNC Financial Services Group Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,261 shares of the technology company's stock after selling 3,094 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Veeva Systems were worth $5,851,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Jefferies Financial Group Inc. purchased a new position in Veeva Systems in the first quarter valued at about $803,000. US Bancorp DE raised its stake in shares of Veeva Systems by 5.0% in the first quarter. US Bancorp DE now owns 158,999 shares of the technology company's stock valued at $36,829,000 after buying an additional 7,585 shares during the period. Harbour Investments Inc. lifted its position in shares of Veeva Systems by 7.6% during the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after buying an additional 56 shares during the last quarter. North Star Asset Management Inc. grew its stake in shares of Veeva Systems by 3.0% during the 1st quarter. North Star Asset Management Inc. now owns 117,580 shares of the technology company's stock worth $27,235,000 after acquiring an additional 3,472 shares during the period. Finally, FSB Premier Wealth Management Inc. bought a new stake in Veeva Systems in the 1st quarter valued at about $218,000. 88.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

VEEV has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Barclays upped their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Needham & Company LLC boosted their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Wells Fargo & Company lifted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Finally, Raymond James Financial increased their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Price Performance

NYSE VEEV opened at $282.25 on Thursday. Veeva Systems Inc. has a 1 year low of $182.21 and a 1 year high of $296.72. The stock has a market capitalization of $46.12 billion, a PE ratio of 59.80, a PEG ratio of 2.23 and a beta of 0.95. The business's 50-day moving average is $282.85 and its 200 day moving average is $248.15.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data 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. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period last year, the company earned $1.50 EPS. The business's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were 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 $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by company insiders.

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.

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