Riverbridge Partners LLC Sells 4,871 Shares of Veeva Systems Inc. (NYSE:VEEV)

Riverbridge Partners LLC lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 370,927 shares of the technology company's stock after selling 4,871 shares during the quarter. Veeva Systems makes up 1.4% of Riverbridge Partners LLC's portfolio, making the stock its 23rd biggest position. Riverbridge Partners LLC owned 0.23% of Veeva Systems worth $85,918,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. J.W. Cole Advisors Inc. grew its stake in shares of Veeva Systems by 7.2% in the fourth quarter. J.W. Cole Advisors Inc. now owns 2,017 shares of the technology company's stock worth $424,000 after acquiring an additional 135 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Veeva Systems by 13.4% during the 4th quarter. CIBC Asset Management Inc now owns 6,395 shares of the technology company's stock valued at $1,345,000 after purchasing an additional 754 shares during the period. D.A. Davidson & CO. lifted its position in shares of Veeva Systems by 28.4% in the fourth quarter. D.A. Davidson & CO. now owns 7,230 shares of the technology company's stock valued at $1,520,000 after acquiring an additional 1,600 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares during the period. Finally, Ieq Capital LLC boosted its stake in Veeva Systems by 67.5% in the 4th quarter. Ieq Capital LLC now owns 15,147 shares of the technology company's stock worth $3,185,000 after purchasing an additional 6,102 shares during the period. Institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Piper Sandler raised their price target on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Barclays raised their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Truist Financial raised their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Mizuho lifted 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, Raymond James Financial upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $269.80.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,184 shares of company stock valued at $1,376,179. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Veeva Systems stock traded down $2.15 during trading on Friday, reaching $279.28. 3,112,070 shares of the company's stock were exchanged, compared to its average volume of 1,153,400. The firm has a market cap of $45.64 billion, a price-to-earnings ratio of 59.17, a PEG ratio of 2.21 and a beta of 0.99. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69. The company's 50-day moving average is $248.97 and its two-hundred day moving average is $234.19.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping 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 analyst estimates of $728.38 million. During the same quarter in the previous year, the business posted $1.50 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Veeva Systems 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.