Panagora Asset Management Inc. Reduces Holdings in Veeva Systems Inc. $VEEV

Key Points

• Panagora Asset Management Inc. reduced its stake in Veeva Systems by 9.3%, owning approximately 460,249 shares valued at $106.6 million after selling 46,974 shares.
• Veeva Systems reported earnings per share of $1.97 for the last quarter, exceeding estimates and showing a revenue increase of 16.7% year-over-year.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a consensus target price of $299.88 and a significant 88.20% of shares held by institutional investors.

Panagora Asset Management Inc. lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 460,249 shares of the technology company's stock after selling 46,974 shares during the quarter. Panagora Asset Management Inc. owned 0.28% of Veeva Systems worth $106,607,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of VEEV. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at about $685,355,000. Nuveen LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at about $365,684,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after buying an additional 689,700 shares during the period. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems in the fourth quarter worth about $137,260,000. Finally, Linonia Partnership LP raised its position in shares of Veeva Systems by 52.7% in the first quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after acquiring an additional 633,585 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In related 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 transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,378 shares of company stock valued at $394,217. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Shares of VEEV traded up $0.97 during mid-day trading on Wednesday, hitting $270.95. 1,314,784 shares of the company were exchanged, compared to its average volume of 1,330,330. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The company has a 50 day moving average of $281.92 and a 200-day moving average of $254.66. The stock has a market cap of $44.28 billion, a price-to-earnings ratio of 55.64, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95.

Analysts Set New Price Targets

A number of research analysts have weighed in on VEEV shares. Morgan Stanley upped their price objective on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a research report on Thursday, August 28th. Truist Financial upped their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. KeyCorp upped their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Canaccord Genuity Group upped their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Finally, BTIG Research upped their price objective on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $299.88.

Veeva Systems Company 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.