OLD National Bancorp IN Sells 2,219 Shares of Veeva Systems Inc. (NYSE:VEEV)

OLD National Bancorp IN trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,410 shares of the technology company's stock after selling 2,219 shares during the quarter. OLD National Bancorp IN's holdings in Veeva Systems were worth $10,982,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the 4th quarter valued at approximately $25,000. Smithfield Trust Co raised its stake in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Avion Wealth lifted its position in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after purchasing an additional 127 shares during the period. Venturi Wealth Management LLC lifted its position in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares during the period. Finally, Promus Capital LLC acquired a new stake in Veeva Systems during the fourth quarter worth $36,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 1.6%

VEEV stock traded up $4.63 during trading on Wednesday, hitting $288.76. The company had a trading volume of 1,690,501 shares, compared to its average volume of 1,141,189. The firm has a 50-day moving average price of $237.95 and a 200-day moving average price of $231.16. Veeva Systems Inc. has a 12 month low of $176.41 and a 12 month high of $291.68. The stock has a market cap of $46.98 billion, a price-to-earnings ratio of 71.30, a PEG ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last released 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 company 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 13.56% and a net margin of 25.07%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.50 earnings per share. Equities analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the firm's 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 transaction, the director now directly owns 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. Company insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VEEV. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Stifel Nicolaus upped their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, Citigroup increased their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $269.80.

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.