Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 140,810 shares of the technology company's stock after selling 1,585 shares during the period. Teacher Retirement System of Texas owned about 0.09% of Veeva Systems worth $32,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. ORG Partners LLC acquired a new stake in Veeva Systems during the 1st quarter worth approximately $26,000. Smithfield Trust Co increased its position in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. Golden State Wealth Management LLC boosted its holdings in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Promus Capital LLC acquired a new position in Veeva Systems during the 4th quarter worth $36,000. Finally, Itau Unibanco Holding S.A. increased its holdings in Veeva Systems by 389.2% during the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after purchasing an additional 144 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 1.9%

Shares of NYSE VEEV traded down $5.39 during midday trading on Friday, reaching $277.23. 764,120 shares of the company were exchanged, compared to its average volume of 1,159,576. The stock has a market cap of $45.30 billion, a P/E ratio of 58.73, a PEG ratio of 2.24 and a beta of 0.98. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The stock has a fifty day simple moving average of $260.22 and a 200 day simple moving average of $236.98.

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, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the business posted $1.50 EPS. The company's revenue was up 16.7% on a year-over-year basis. As a group, analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on 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 transaction, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider directly owned 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on VEEV. KeyCorp lowered their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Raymond James Financial increased their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Needham & Company LLC lifted their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. UBS Group increased their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and an average target price of $269.80.

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.