Veeva Systems Inc. (NYSE:VEEV) Shares Sold by EFG Asset Management Americas Corp.

Key Points

• EFG Asset Management Americas Corp. reduced its position in Veeva Systems by 17.0%, selling 2,938 shares in the first quarter, bringing their total holdings to 14,298 shares valued at $3,312,000.
• Veeva Systems reported an EPS of $1.97 for the last quarter, surpassing analyst estimates of $1.74, alongside revenue of $759.04 million, a 16.7% increase year-over-year.
• Analysts have increased their price targets for Veeva Systems, with several institutions now setting targets between $295.00 and $325.00, reflecting a generally optimistic outlook for the stock.

EFG Asset Management Americas Corp. lessened its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,298 shares of the technology company's stock after selling 2,938 shares during the quarter. EFG Asset Management Americas Corp.'s holdings in Veeva Systems were worth $3,312,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership acquired a new position in Veeva Systems in the 4th quarter valued at about $21,013,000. O Shaughnessy Asset Management LLC boosted its holdings in shares of Veeva Systems by 23.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock valued at $1,699,000 after purchasing an additional 1,537 shares during the last quarter. Summit Financial LLC grew its stake in shares of Veeva Systems by 64.0% during the 4th quarter. Summit Financial LLC now owns 2,537 shares of the technology company's stock valued at $533,000 after buying an additional 990 shares during the period. B. Metzler seel. Sohn & Co. AG grew its stake in shares of Veeva Systems by 17.0% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 7,006 shares of the technology company's stock valued at $1,473,000 after buying an additional 1,019 shares during the period. Finally, National Bank of Canada FI grew its stake in shares of Veeva Systems by 4.3% during the 4th quarter. National Bank of Canada FI now owns 9,038 shares of the technology company's stock valued at $1,900,000 after buying an additional 376 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 0.1%

NYSE:VEEV opened at $287.03 on Thursday. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $296.72. The firm has a market capitalization of $46.90 billion, a price-to-earnings ratio of 60.81, a price-to-earnings-growth ratio of 2.28 and a beta of 0.98. The stock has a fifty day simple moving average of $278.08 and a 200 day simple moving average of $245.76.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period last year, the company posted $1.50 EPS. The business's quarterly revenue was up 16.7% compared to the same quarter last year. Equities analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on VEEV shares. Stifel Nicolaus boosted their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Barclays boosted their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Mizuho upped their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Raymond James Financial upped 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. Finally, KeyCorp upped their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $274.17.

Insider Activity

In other Veeva Systems news, 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 transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This represents a 4.13% 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 three months. 10.30% of the stock is owned by insiders.

About Veeva Systems

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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