Assenagon Asset Management S.A. Has $8.69 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Assenagon Asset Management S.A. lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 37.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 37,512 shares of the technology company's stock after selling 22,560 shares during the period. Assenagon Asset Management S.A.'s holdings in Veeva Systems were worth $8,689,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in VEEV. Venturi Wealth Management LLC boosted its stake in Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after buying an additional 163 shares in the last quarter. Linonia Partnership LP lifted its position in shares of Veeva Systems by 42.1% during the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock worth $252,925,000 after buying an additional 356,300 shares during the period. VSM Wealth Advisory LLC bought a new position in shares of Veeva Systems during the 4th quarter worth approximately $42,000. Amundi boosted its stake in Veeva Systems by 9.8% in the 4th quarter. Amundi now owns 459,044 shares of the technology company's stock valued at $99,750,000 after buying an additional 40,884 shares in the last quarter. Finally, Townsquare Capital LLC grew its position in Veeva Systems by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 4,912 shares of the technology company's stock valued at $1,033,000 after acquiring an additional 150 shares during the period. Institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Scotiabank boosted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. KeyCorp decreased their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird raised their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Wells Fargo & Company boosted 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, JPMorgan Chase & Co. increased their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $269.80.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now directly owns 25,889 shares of the company's stock, valued at $5,720,692.33. This represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,184 shares of company stock valued at $1,376,179 in the last quarter. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.3%

Shares of Veeva Systems stock traded down $0.79 during trading on Wednesday, reaching $281.11. 588,334 shares of the company were exchanged, compared to its average volume of 1,143,610. The business has a 50-day moving average price of $245.04 and a 200-day moving average price of $233.12. The firm has a market capitalization of $45.94 billion, a price-to-earnings ratio of 59.51, a P/E/G ratio of 2.23 and a beta of 0.99. Veeva Systems Inc. has a twelve month low of $176.41 and a twelve month high of $291.69.

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

Veeva Systems 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.