Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 535,490 shares of the technology company's stock after selling 3,558 shares during the quarter. Envestnet Asset Management Inc. owned about 0.33% of Veeva Systems worth $124,036,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the first quarter worth $26,000. Golden State Wealth Management LLC increased its stake in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the first quarter worth $32,000. Itau Unibanco Holding S.A. increased its stake in shares of Veeva Systems by 389.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after acquiring an additional 144 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Veeva Systems by 61.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 192 shares of the technology company's stock worth $44,000 after acquiring an additional 73 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

NYSE:VEEV opened at $284.21 on Thursday. The company's 50-day moving average is $264.32 and its two-hundred day moving average is $238.57. The firm has a market capitalization of $46.44 billion, a price-to-earnings ratio of 60.21, a PEG ratio of 2.22 and a beta of 0.98. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for 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 business's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 EPS. As a group, equities analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares of the company's stock, valued at $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,858 shares of company stock worth $453,734. Corporate insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. KeyCorp dropped their price target 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. Mizuho raised their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Truist Financial raised their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research report on Thursday, May 29th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Barclays raised their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $271.04.

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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