Tredje AP fonden Has $18.89 Million Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Tredje AP fonden has reduced its stake in Veeva Systems Inc. by 26.9% in Q1, now holding 81,546 shares valued at approximately $18.9 million after selling 30,000 shares.
• The company reported $1.97 earnings per share (EPS) for the quarter, exceeding analysts' expectations by $0.23, with revenue rising 16.7% year-over-year.
• Citi recently increased its price target on Veeva Systems to $329 while maintaining a "buy" rating, reflecting positive sentiment from multiple analysts regarding the stock's performance.

Tredje AP fonden cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,546 shares of the technology company's stock after selling 30,000 shares during the period. Tredje AP fonden owned approximately 0.05% of Veeva Systems worth $18,888,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Allstate Corp acquired a new position in Veeva Systems during the fourth quarter worth about $944,000. Arrowstreet Capital Limited Partnership acquired a new position in Veeva Systems in the fourth quarter worth approximately $21,013,000. O Shaughnessy Asset Management LLC increased its holdings in shares of Veeva Systems by 23.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock valued at $1,699,000 after buying an additional 1,537 shares in the last quarter. Summit Financial LLC lifted its position in shares of Veeva Systems by 64.0% during the 4th quarter. Summit Financial LLC now owns 2,537 shares of the technology company's stock valued at $533,000 after acquiring an additional 990 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG boosted its stake in shares of Veeva Systems by 17.0% during 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 acquiring an additional 1,019 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VEEV has been the subject of several analyst reports. Stifel Nicolaus upped their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Barclays boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Raymond James Financial raised their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Finally, Mizuho lifted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Down 1.1%

Veeva Systems stock traded down $3.15 during mid-day trading on Friday, reaching $281.05. The company had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. The company has a 50 day moving average of $279.05 and a 200-day moving average of $246.25. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $296.72. The firm has a market cap of $45.93 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 2.25 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) 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 firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the company posted $1.50 earnings per share. The company's quarterly revenue was up 16.7% compared to the same quarter last year. On average, analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction 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 transaction, the senior vice president 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. Insiders sold 1,378 shares of company stock valued at $394,217 over the last quarter. Corporate insiders own 10.30% of the company's stock.

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.