Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Emergence GP Partners LLC

Emergence GP Partners LLC lessened its stake 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 Form 13F filing with the Securities & Exchange Commission. The fund owned 500,000 shares of the technology company's stock after selling 500,000 shares during the period. Veeva Systems accounts for 70.8% of Emergence GP Partners LLC's portfolio, making the stock its largest holding. Emergence GP Partners LLC owned 0.31% of Veeva Systems worth $115,815,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. William Allan Corp grew its stake in shares of Veeva Systems by 13.1% in the first quarter. William Allan Corp now owns 14,550 shares of the technology company's stock worth $3,370,000 after acquiring an additional 1,690 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Veeva Systems by 2,351.2% in the first quarter. Los Angeles Capital Management LLC now owns 160,601 shares of the technology company's stock valued at $37,200,000 after buying an additional 154,049 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Veeva Systems by 9.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 31,485 shares of the technology company's stock valued at $7,293,000 after buying an additional 2,821 shares during the last quarter. Allen Capital Group LLC raised its holdings in Veeva Systems by 13.3% during the 1st quarter. Allen Capital Group LLC now owns 13,737 shares of the technology company's stock worth $3,182,000 after purchasing an additional 1,617 shares during the last quarter. Finally, Triasima Portfolio Management inc. acquired a new position in shares of Veeva Systems during the 1st quarter worth about $672,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

Shares of VEEV stock traded up $4.96 on Tuesday, reaching $285.96. The stock had a trading volume of 1,645,035 shares, compared to its average volume of 1,178,382. The stock has a market cap of $46.73 billion, a P/E ratio of 60.58, a price-to-earnings-growth ratio of 2.24 and a beta of 0.98. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The company has a 50 day simple moving average of $270.48 and a 200 day simple moving average of $242.11.

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 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 analysts' expectations of $728.38 million. During the same period in the previous year, the firm posted $1.50 earnings per share. The business's revenue was up 16.7% compared to the same quarter last year. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC increased their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Raymond James Financial upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Truist Financial upped their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Finally, KeyCorp upped their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were 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 in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,378 shares of company stock valued at $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.