BI Asset Management Fondsmaeglerselskab A S Decreases Stake in Veeva Systems Inc. $VEEV

Key Points

• BI Asset Management reduced its position in Veeva Systems by 16.1%, selling 1,123 shares to hold 5,862 shares worth approximately $1.36 million.
• Veeva Systems reported $1.97 EPS for the last quarter, exceeding expectations, with revenues reaching $759.04 million—up 16.7% year-over-year.
• Institutional investors own 88.20% of Veeva Systems, with several funds, including Leigh Baldwin & CO. and Vanguard Group, acquiring significant new positions recently.

BI Asset Management Fondsmaeglerselskab A S cut its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 5,862 shares of the technology company's stock after selling 1,123 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Veeva Systems were worth $1,358,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of VEEV. GeoWealth Management LLC raised its holdings in Veeva Systems by 11.0% in the 4th quarter. GeoWealth Management LLC now owns 1,022 shares of the technology company's stock valued at $215,000 after acquiring an additional 101 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Veeva Systems by 8.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 473,154 shares of the technology company's stock valued at $99,490,000 after acquiring an additional 35,348 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Veeva Systems by 81.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,037 shares of the technology company's stock valued at $428,000 after acquiring an additional 916 shares during the last quarter. Pinebridge Investments L.P. raised its holdings in Veeva Systems by 2.5% in the 4th quarter. Pinebridge Investments L.P. now owns 44,721 shares of the technology company's stock valued at $9,403,000 after acquiring an additional 1,107 shares during the last quarter. Finally, MGO One Seven LLC raised its holdings in Veeva Systems by 135.2% in the 4th quarter. MGO One Seven LLC now owns 2,742 shares of the technology company's stock valued at $577,000 after acquiring an additional 1,576 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Veeva Systems stock traded up $8.75 during trading on Friday, reaching $291.03. 961,444 shares of the company's stock were exchanged, compared to its average volume of 1,068,036. The company's 50-day moving average is $282.35 and its two-hundred day moving average is $252.59. Veeva Systems Inc. has a 52-week low of $196.10 and a 52-week high of $296.72. The firm has a market cap of $47.56 billion, a price-to-earnings ratio of 61.66, a PEG ratio of 2.30 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly 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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period in the prior year, the company earned $1.50 EPS. The firm's revenue was up 16.7% on a year-over-year basis. Analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on VEEV shares. UBS Group upped 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. Stifel Nicolaus upped their price objective on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Morgan Stanley upped their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Needham & Company LLC upped 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, Barclays upped 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. Fourteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the company's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,378 shares of company stock valued at $394,217. Company insiders own 10.30% of the company's stock.

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.