State of New Jersey Common Pension Fund D Lowers Holdings in Veeva Systems Inc. $VEEV

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Veeva Systems by 6.0%, selling 3,333 shares, resulting in a total of 52,512 shares valued at approximately $12.16 million.
• Institutional investors collectively own 88.20% of Veeva Systems, with large investments from firms like Vanguard Group and GAMMA Investing, significantly increasing their ownership during the recent quarters.
• Wall Street analysts have generally given Veeva Systems a "Moderate Buy" rating, with several price target upgrades, including increases to $325.00 from KeyCorp and $300.00 from Wells Fargo.

State of New Jersey Common Pension Fund D trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,512 shares of the technology company's stock after selling 3,333 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Veeva Systems were worth $12,163,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently modified their holdings of the stock. Sowell Financial Services LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the first quarter worth approximately $299,000. GAMMA Investing LLC raised its holdings in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after purchasing an additional 221 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Veeva Systems during the 1st quarter valued at about $5,876,000. Finally, Private Trust Co. NA boosted 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 worth $57,000 after purchasing an additional 64 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was 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 in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on VEEV. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Raymond James Financial raised their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Needham & Company LLC raised their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Citigroup lifted their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Fourteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Performance

NYSE VEEV traded up $1.8690 on Tuesday, hitting $283.9690. 1,030,831 shares of the stock were exchanged, compared to its average volume of 1,153,251. Veeva Systems Inc. has a 52-week low of $192.73 and a 52-week high of $296.72. The firm has a market capitalization of $46.40 billion, a P/E ratio of 60.16, a P/E/G ratio of 2.23 and a beta of 0.95. The stock has a fifty day moving average price of $282.25 and a two-hundred day moving average price of $251.54.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate 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 revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business earned $1.50 EPS. Sell-side analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

About Veeva Systems

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.