Tran Capital Management L.P. Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Tran Capital Management L.P. cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,258 shares of the technology company's stock after selling 9,355 shares during the period. Veeva Systems makes up about 3.0% of Tran Capital Management L.P.'s portfolio, making the stock its 15th biggest holding. Tran Capital Management L.P. owned approximately 0.06% of Veeva Systems worth $22,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of VEEV. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the 4th quarter worth about $25,000. Smithfield Trust Co grew its position in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares during the last quarter. Avion Wealth grew its position in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after buying an additional 127 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after buying an additional 163 shares during the last quarter. Finally, Promus Capital LLC bought a new stake in shares of Veeva Systems in the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director now directly owns 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock valued at $1,376,179 over the last three months. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

NYSE VEEV traded down $6.70 during trading hours on Thursday, hitting $281.85. The company had a trading volume of 2,017,512 shares, compared to its average volume of 1,144,034. The firm has a 50 day simple moving average of $239.45 and a 200 day simple moving average of $231.56. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.68.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results 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 25.07% and a return on equity of 13.56%. 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 prior year, the firm earned $1.50 EPS. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on VEEV shares. Mizuho upped their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Morgan Stanley upped their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note 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 note on Wednesday, April 16th. Truist Financial upped their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. Finally, Wells Fargo & Company upped their price target on Veeva Systems from $285.00 to $300.00 and gave the stock 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 assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target 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.