Synovus Financial Corp Trims Stake in Veeva Systems Inc. $VEEV

Key Points

• Synovus Financial Corp has reduced its holdings in Veeva Systems Inc. by 30.7%, owning 16,023 shares worth approximately $3.71 million after selling 7,086 shares in the first quarter.
• Several institutional investors, including Johnson Financial Group and TFB Advisors, have increased their positions in Veeva Systems, demonstrating strong institutional interest with 88.20% of the stock now owned by institutional investors.
• Veeva Systems reported earnings of $1.97 per share for the last quarter, exceeding estimates, with a revenue increase of 16.7% year-over-year, showcasing continued growth in the life sciences sector.

Synovus Financial Corp decreased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 30.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,023 shares of the technology company's stock after selling 7,086 shares during the quarter. Synovus Financial Corp's holdings in Veeva Systems were worth $3,711,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new position in Veeva Systems in the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the 1st quarter valued at about $299,000. Janney Montgomery Scott LLC bought a new position in Veeva Systems in the 1st quarter valued at about $5,876,000. GAMMA Investing LLC lifted its position in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after acquiring an additional 221 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after acquiring an additional 64 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on VEEV. Piper Sandler raised their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday. Raymond James Financial reissued an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday. Evercore ISI lifted their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday. Stifel Nicolaus lifted their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Needham & Company LLC lifted their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday. Sixteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Trading Down 1.3%

Shares of NYSE:VEEV traded down $3.48 during mid-day trading on Friday, reaching $268.85. The company had a trading volume of 1,999,687 shares, compared to its average volume of 1,321,190. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95. The company's 50-day moving average price is $282.38 and its 200-day moving average price is $254.32. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.29% and a return on equity of 14.19%. Veeva Systems's revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 EPS. On average, research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems 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 completion of the transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the transaction, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by company insiders.

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.