Veeva Systems Inc. (NYSE:VEEV) Shares Sold by OLD National Bancorp IN

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

Several other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. JPMorgan Chase & Co. lifted its position in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after acquiring an additional 1,081,501 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Veeva Systems by 14.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,560 shares of the technology company's stock worth $3,061,000 after acquiring an additional 1,892 shares in the last quarter. Shepherd Financial Partners LLC lifted its position in Veeva Systems by 3.1% during the 4th quarter. Shepherd Financial Partners LLC now owns 3,868 shares of the technology company's stock worth $813,000 after acquiring an additional 116 shares in the last quarter. Apollon Wealth Management LLC lifted its position in Veeva Systems by 17.5% during the 4th quarter. Apollon Wealth Management LLC now owns 2,552 shares of the technology company's stock worth $537,000 after acquiring an additional 380 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Veeva Systems by 2.3% during the 4th quarter. Empowered Funds LLC now owns 4,265 shares of the technology company's stock worth $897,000 after acquiring an additional 95 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $1,284,917 in the last three months. 10.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on VEEV shares. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group boosted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Citigroup upped their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus upped their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, KeyCorp cut their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

Veeva Systems Stock Performance

Veeva Systems stock opened at $285.08 on Friday. The firm's 50-day moving average is $235.57 and its 200-day moving average is $230.21. Veeva Systems Inc. has a 1 year low of $176.41 and a 1 year high of $291.68. The company has a market cap of $46.38 billion, a P/E ratio of 70.39, a PEG ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued 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. 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 13.56% and a net margin of 25.07%. The firm's revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.50 EPS. As a group, sell-side analysts predict 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.

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