Envestnet Asset Management Inc. Sells 3,558 Shares of Veeva Systems Inc. (NYSE:VEEV)

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

Other large investors also recently added to or reduced their stakes in the company. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the fourth quarter worth $685,355,000. Norges Bank purchased a new stake in shares of Veeva Systems during the fourth quarter worth $294,785,000. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems during the fourth quarter worth $137,260,000. Marshall Wace LLP increased its holdings in Veeva Systems by 413.3% in 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. Finally, JPMorgan Chase & Co. increased its holdings in Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after buying an additional 447,041 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 value of $48,676.00. Following the sale, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,578 shares of company stock valued at $659,381 over the last 90 days. 10.30% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on VEEV. Truist Financial increased their target price on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. Wells Fargo & Company raised their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Needham & Company LLC raised their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Finally, UBS Group raised their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" 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 given a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average price target of $271.04.

Veeva Systems Stock Performance

NYSE:VEEV traded down $5.82 during mid-day trading on Friday, hitting $275.82. The stock had a trading volume of 1,660,228 shares, compared to its average volume of 1,169,879. The company's 50 day simple moving average is $266.10 and its 200 day simple moving average is $239.37. The stock has a market cap of $45.07 billion, a price-to-earnings ratio of 58.44, a PEG ratio of 2.23 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its 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 business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.50 EPS. As a group, equities analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.