Emergence GP Partners LLC Cuts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Emergence GP Partners LLC decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 50.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,000 shares of the technology company's stock after selling 500,000 shares during the period. Veeva Systems comprises 70.8% of Emergence GP Partners LLC's investment portfolio, making the stock its biggest position. Emergence GP Partners LLC owned approximately 0.31% of Veeva Systems worth $115,815,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in VEEV. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Veeva Systems during the fourth quarter worth approximately $292,000. Royal London Asset Management Ltd. lifted its stake in shares of Veeva Systems by 4.9% in the 4th quarter. Royal London Asset Management Ltd. now owns 70,282 shares of the technology company's stock worth $14,777,000 after acquiring an additional 3,295 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth about $227,000. Whittier Trust Co. raised its holdings in Veeva Systems by 407.0% during the fourth quarter. Whittier Trust Co. now owns 436 shares of the technology company's stock worth $92,000 after purchasing an additional 350 shares in the last quarter. Finally, Quantbot Technologies LP boosted its holdings in Veeva Systems by 269.9% in the 4th quarter. Quantbot Technologies LP now owns 10,805 shares of the technology company's stock valued at $2,272,000 after purchasing an additional 7,884 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of the 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 completion of the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $5.10 during trading on Thursday, reaching $291.11. The company had a trading volume of 539,005 shares, compared to its average volume of 1,324,255. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $293.37. The firm has a market capitalization of $47.57 billion, a PE ratio of 61.68, a price-to-earnings-growth ratio of 2.26 and a beta of 0.98. The firm's fifty day moving average is $273.09 and its 200 day moving average is $243.19.

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 business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the business posted $1.50 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. Equities analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on VEEV. Piper Sandler raised their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Mizuho lifted their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. KeyCorp boosted their price target on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Finally, Citigroup raised their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.