Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Atria Wealth Solutions Inc.

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in Veeva Systems Inc. by 56.4% during the 1st quarter, owning 4,355 shares valued at approximately $1,009,000 after selling 5,631 shares.
• Several analysts have raised their price targets for Veeva Systems, with recommendations ranging from "outperform" to "overweight," indicating a consensus target price of $274.17 and an average rating of "Moderate Buy."
• Veeva Systems reported $1.97 earnings per share (EPS) for the last quarter, exceeding estimates, with revenue increasing 16.7% year-over-year.

Atria Wealth Solutions Inc. cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 56.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,355 shares of the technology company's stock after selling 5,631 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Veeva Systems were worth $1,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Veeva Systems during the first quarter valued at about $25,000. ORG Partners LLC purchased a new stake in Veeva Systems during the first quarter valued at about $26,000. Golden State Wealth Management LLC grew its position in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC purchased a new stake in Veeva Systems during the first quarter valued at about $32,000. Finally, Key Financial Inc grew its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, 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 transaction of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the sale, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,378 shares of company stock valued at $394,217. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 1.4%

Veeva Systems stock traded up $3.74 during trading hours on Wednesday, hitting $279.17. 909,708 shares of the company traded hands, compared to its average volume of 1,215,126. The firm has a market cap of $45.62 billion, a P/E ratio of 59.15, a P/E/G ratio of 2.18 and a beta of 0.95. The firm's 50-day simple moving average is $282.64 and its two-hundred day simple moving average is $250.07. Veeva Systems Inc. has a 1-year low of $187.66 and a 1-year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate 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 net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company earned $1.50 EPS. On average, equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on VEEV shares. Needham & Company LLC boosted their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Raymond James Financial increased their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Mizuho increased their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Stifel Nicolaus boosted their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Barclays boosted 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 given a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target 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.