Torray Investment Partners LLC Sells 4,301 Shares of Veeva Systems Inc. (NYSE:VEEV)

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Torray Investment Partners LLC cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 13.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,512 shares of the technology company's stock after selling 4,301 shares during the quarter. Torray Investment Partners LLC's holdings in Veeva Systems were worth $6,604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VEEV. Arrowstreet Capital Limited Partnership bought a new position in shares of Veeva Systems during the 4th quarter valued at $21,013,000. O Shaughnessy Asset Management LLC boosted its stake in shares of Veeva Systems by 23.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock worth $1,699,000 after buying an additional 1,537 shares during the last quarter. Summit Financial LLC boosted its stake in shares of Veeva Systems by 64.0% in the 4th quarter. Summit Financial LLC now owns 2,537 shares of the technology company's stock worth $533,000 after buying an additional 990 shares during the last quarter. B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Veeva Systems by 17.0% in the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 7,006 shares of the technology company's stock worth $1,473,000 after buying an additional 1,019 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in shares of Veeva Systems by 4.3% in the 4th quarter. National Bank of Canada FI now owns 9,038 shares of the technology company's stock worth $1,900,000 after buying an additional 376 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Down 0.1%

Shares of Veeva Systems stock opened at $287.03 on Thursday. The firm has a market cap of $46.90 billion, a price-to-earnings ratio of 60.81, a PEG ratio of 2.28 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $296.72. The business has a 50-day moving average price of $278.08 and a 200-day moving average price of $245.76.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.50 earnings per share. On average, equities analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VEEV shares. Mizuho raised their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Barclays raised their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Raymond James Financial raised their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Wells Fargo & Company raised their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Finally, Piper Sandler raised their target price on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Insider Buying and Selling

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the business's 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 owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

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.

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