Bell Bank cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 74.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,334 shares of the technology company's stock after selling 3,929 shares during the period. Bell Bank's holdings in Veeva Systems were worth $309,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of the stock. Empowered Funds LLC grew its stake in Veeva Systems by 2.3% during the 4th quarter. Empowered Funds LLC now owns 4,265 shares of the technology company's stock valued at $897,000 after purchasing an additional 95 shares during the last quarter. J.W. Cole Advisors Inc. lifted its holdings in shares of Veeva Systems by 7.2% during the fourth quarter. J.W. Cole Advisors Inc. now owns 2,017 shares of the technology company's stock worth $424,000 after purchasing an additional 135 shares during the period. Catalyst Capital Advisors LLC boosted its position in Veeva Systems by 332.1% in the fourth quarter. Catalyst Capital Advisors LLC now owns 363 shares of the technology company's stock valued at $76,000 after buying an additional 279 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Veeva Systems by 13.4% in the 4th quarter. CIBC Asset Management Inc now owns 6,395 shares of the technology company's stock worth $1,345,000 after buying an additional 754 shares during the period. Finally, Empower Advisory Group LLC purchased a new position in Veeva Systems during the 4th quarter worth approximately $47,724,000. Hedge funds and other institutional investors own 88.20% of the company's stock.
Veeva Systems Stock Performance
Shares of VEEV opened at $281.38 on Wednesday. The stock has a 50 day moving average price of $245.04 and a 200 day moving average price of $233.12. Veeva Systems Inc. has a one year low of $176.41 and a one year high of $291.69. The stock has a market capitalization of $45.98 billion, a price-to-earnings ratio of 59.61, a PEG ratio of 2.23 and a beta of 0.99.
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 (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during 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%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. On average, analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.
Insider Buying and Selling
In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now directly owns 8,668 shares of the company's stock, valued at $1,960,701.60. This trade represents a 8.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems 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 transaction, the director now owns 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several equities research analysts have commented on the stock. Mizuho upped their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. UBS Group upped their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. KeyCorp dropped their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Truist Financial boosted their price target on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Finally, 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 report on Thursday, May 29th. Two equities 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $269.80.
Read Our Latest Analysis on VEEV
About Veeva Systems
(
Free Report)
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.
Further Reading
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