Raymond James Financial Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 416,044 shares of the technology company's stock after selling 39,178 shares during the quarter. Raymond James Financial Inc. owned about 0.26% of Veeva Systems worth $96,368,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at about $274,000. Crossmark Global Holdings Inc. acquired a new stake in shares of Veeva Systems in the first quarter valued at about $299,000. Janney Montgomery Scott LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at about $5,876,000. GAMMA Investing LLC grew its position in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares during the last quarter. Finally, Private Trust Co. NA grew its position in shares of Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
VEEV has been the subject of several research reports. Barclays increased their target price 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. Raymond James Financial increased their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Mizuho increased their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Wells Fargo & Company increased their target price 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. Finally, Piper Sandler raised their price target 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. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.
Read Our Latest Stock Report on Veeva Systems
Veeva Systems Stock Performance
VEEV traded up $8.75 during trading on Friday, reaching $291.03. 961,444 shares of the company's stock were exchanged, compared to its average volume of 1,080,466. The company's fifty day moving average price is $282.35 and its 200-day moving average price is $252.59. Veeva Systems Inc. has a fifty-two week low of $196.10 and a fifty-two week high of $296.72. The firm has a market capitalization of $47.56 billion, a PE ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95.
Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 EPS. Research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.
Insider Transactions at Veeva Systems
In other news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated 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 directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last three months. Insiders own 10.30% of the company's stock.
About Veeva Systems
(
Free Report)
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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