Fiera Capital Corp Decreases Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Fiera Capital Corp reduced its holdings in Veeva Systems Inc. by 2.5%, now owning approximately 348,736 shares valued at around $80.78 million.
• Insider activity includes Director Timothy S. Cabral selling 315 shares for approximately $91,261, and SVP Jonathan Faddis selling 720 shares for about $205,646.
• Several analysts have increased their price targets for Veeva Systems, with Barclays raising it to $300 and Citigroup to $329, while the average rating is a "Moderate Buy."

Fiera Capital Corp lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 348,736 shares of the technology company's stock after selling 9,031 shares during the period. Fiera Capital Corp owned about 0.21% of Veeva Systems worth $80,778,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Veeva Systems by 11.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,132 shares of the technology company's stock worth $24,101,000 after buying an additional 11,465 shares during the period. DnB Asset Management AS raised its stake in shares of Veeva Systems by 7.4% during the 4th quarter. DnB Asset Management AS now owns 27,652 shares of the technology company's stock worth $5,814,000 after buying an additional 1,915 shares during the period. Allstate Corp acquired a new position in shares of Veeva Systems during the 4th quarter worth approximately $944,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Veeva Systems during the 4th quarter worth approximately $21,013,000. Finally, O Shaughnessy Asset Management LLC raised its stake in shares of Veeva Systems by 23.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock worth $1,699,000 after buying an additional 1,537 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Activity at Veeva Systems

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on VEEV. Citigroup upped their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Stifel Nicolaus raised their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Barclays raised their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Morgan Stanley raised their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC raised their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Two equities research 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded down $2.13 during midday trading on Friday, reaching $282.07. 519,937 shares of the company's stock were exchanged, compared to its average volume of 1,327,076. The firm's 50 day simple moving average is $279.05 and its two-hundred day simple moving average is $246.25. The stock has a market cap of $46.09 billion, a price-to-earnings ratio of 59.75, a P/E/G ratio of 2.27 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the company earned $1.50 EPS. Equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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.