Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Bristlecone Advisors LLC

Key Points

• Bristlecone Advisors LLC reduced its stake in Veeva Systems by 11.0%, selling 2,403 shares, with their holdings now valued at $4.49 million.
• Veeva Systems reported better-than-expected quarterly earnings with $1.97 earnings per share, surpassing analyst estimates by $0.23, and revenue of $759.04 million.
• Analyst ratings for Veeva Systems are largely positive, with fifteen analysts giving a buy rating and price targets increasing significantly, reflecting strong market confidence in the stock.

Bristlecone Advisors LLC lessened its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,381 shares of the technology company's stock after selling 2,403 shares during the period. Bristlecone Advisors LLC's holdings in Veeva Systems were worth $4,489,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Sowell Financial Services LLC purchased a new stake in shares of Veeva Systems during the 1st quarter worth about $274,000. Crossmark Global Holdings Inc. purchased a new stake in Veeva Systems during the 1st quarter worth $299,000. GAMMA Investing LLC increased its holdings in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Veeva Systems in the first quarter valued at about $5,876,000. Finally, Private Trust Co. NA lifted its stake in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 0.9%

NYSE:VEEV opened at $280.13 on Friday. The stock has a 50 day simple moving average of $282.88 and a 200 day simple moving average of $248.59. The stock has a market cap of $45.78 billion, a P/E ratio of 59.35, a PEG ratio of 2.24 and a beta of 0.95. Veeva Systems Inc. has a 1-year low of $183.70 and a 1-year high of $296.72.

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, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.50 EPS. As a group, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analyst Weigh In

VEEV has been the topic of several analyst reports. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Piper Sandler raised their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. KeyCorp upped their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Raymond James Financial lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Finally, Wells Fargo & Company increased their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the sale, the director directly owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last quarter. 10.30% of the stock is owned by insiders.

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.

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