Vontobel Holding Ltd. Decreases Stake in Veeva Systems Inc. (NYSE:VEEV)

Vontobel Holding Ltd. lessened its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,979 shares of the technology company's stock after selling 13,005 shares during the period. Vontobel Holding Ltd.'s holdings in Veeva Systems were worth $3,238,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sowell Financial Services LLC purchased a new position in shares of Veeva Systems during the 1st quarter valued at $274,000. GAMMA Investing LLC lifted its position in shares of Veeva Systems by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Veeva Systems during the 1st quarter valued at $5,876,000. Spire Wealth Management lifted its holdings in Veeva Systems by 37.1% during the 1st quarter. Spire Wealth Management now owns 277 shares of the technology company's stock worth $64,000 after purchasing an additional 75 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Veeva Systems by 4.9% during the 1st quarter. Bessemer Group Inc. now owns 2,379 shares of the technology company's stock worth $551,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on VEEV shares. Raymond James Financial increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Mizuho increased their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Needham & Company LLC increased 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. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Finally, Piper Sandler increased their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $269.80.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider owned 25,889 shares of the company's stock, valued at $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

VEEV traded down $5.39 on Friday, hitting $277.23. 764,120 shares of the company were exchanged, compared to its average volume of 1,159,576. The firm has a fifty day simple moving average of $261.22 and a two-hundred day simple moving average of $237.33. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69. The stock has a market capitalization of $45.30 billion, a PE ratio of 58.73, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period last year, the company earned $1.50 EPS. Veeva Systems's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.