Avanza Fonder AB Sells 2,779 Shares of Veeva Systems Inc. (NYSE:VEEV)

Avanza Fonder AB decreased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 25.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,156 shares of the technology company's stock after selling 2,779 shares during the period. Avanza Fonder AB's holdings in Veeva Systems were worth $1,848,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director now directly owns 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several analyst reports. Needham & Company LLC increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Raymond James raised their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. KeyCorp dropped their target price on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird raised their price target 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. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Two equities 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 company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $269.80.

Veeva Systems Price Performance

Shares of VEEV traded down $6.70 on Thursday, hitting $281.85. The company's stock had a trading volume of 2,017,512 shares, compared to its average volume of 1,144,034. The company has a market capitalization of $45.86 billion, a PE ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a fifty-two week low of $176.41 and a fifty-two week high of $291.68. The company has a 50 day moving average price of $239.45 and a 200 day moving average price of $231.56.

Veeva Systems (NYSE:VEEV - Get Free Report) last released 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 13.56% and a net margin of 25.07%. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the firm posted $1.50 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. On average, equities analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current 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.