Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Rockland Trust Co.

Rockland Trust Co. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,232 shares of the technology company's stock after selling 6,532 shares during the quarter. Veeva Systems accounts for approximately 1.2% of Rockland Trust Co.'s investment portfolio, making the stock its 26th largest position. Rockland Trust Co. owned 0.07% of Veeva Systems worth $24,607,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of VEEV. T. Rowe Price Investment Management Inc. grew its position 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 valued at $1,086,930,000 after acquiring an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the fourth quarter valued at $685,355,000. FMR LLC boosted its stake 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 period. JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 17.5% in the fourth 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 last quarter. Finally, Principal Financial Group Inc. increased its stake in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after buying an additional 784,741 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

VEEV traded down $0.34 during trading on Friday, hitting $281.82. The stock had a trading volume of 1,268,625 shares, compared to its average volume of 1,144,866. The stock has a 50 day simple moving average of $240.79 and a two-hundred day simple moving average of $231.94. Veeva Systems Inc. has a twelve month low of $176.41 and a twelve month high of $291.69. The company has a market capitalization of $45.85 billion, a PE ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99.

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. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. 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 business earned $1.50 EPS. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group upped their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Stifel Nicolaus increased their price objective on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Needham & Company LLC lifted their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. KeyCorp dropped their price target on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler raised their price target on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $269.80.

Insider Activity

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