Bank of New York Mellon Corp Trims Position in Veeva Systems Inc. (NYSE:VEEV)

Bank of New York Mellon Corp lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 751,701 shares of the technology company's stock after selling 41,454 shares during the quarter. Bank of New York Mellon Corp owned 0.46% of Veeva Systems worth $174,117,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. Norges Bank bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $294,785,000. Wealthfront Advisers LLC raised its position in shares of Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after buying an additional 1,045,188 shares during the last quarter. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $137,260,000. Finally, Marshall Wace LLP raised its position in shares of Veeva Systems by 413.3% during the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after buying an additional 514,004 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Down 0.2%

Shares of VEEV stock traded down $0.52 during mid-day trading on Tuesday, hitting $280.48. 1,938,946 shares of the stock were exchanged, compared to its average volume of 1,164,351. The company has a market cap of $45.83 billion, a PE ratio of 59.42, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. The firm has a fifty day moving average of $262.33 and a 200 day moving average of $237.96. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company posted $1.50 EPS. Equities analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on VEEV. Truist Financial lifted their price objective on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Needham & Company LLC boosted their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Mizuho boosted their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Finally, Wells Fargo & Company boosted 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $269.80.

Veeva Systems Company 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.