Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Welch & Forbes LLC

Welch & Forbes LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,204 shares of the technology company's stock after selling 1,258 shares during the quarter. Welch & Forbes LLC's holdings in Veeva Systems were worth $1,437,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Victory Capital Management Inc. grew its position in shares of Veeva Systems by 3.9% during the first quarter. Victory Capital Management Inc. now owns 71,497 shares of the technology company's stock worth $16,561,000 after buying an additional 2,677 shares in the last quarter. Larson Financial Group LLC grew its position in shares of Veeva Systems by 71.9% during the first quarter. Larson Financial Group LLC now owns 2,984 shares of the technology company's stock worth $691,000 after buying an additional 1,248 shares in the last quarter. PAX Financial Group LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $1,187,000. Wealthfront Advisers LLC boosted its holdings in Veeva Systems by 58.7% in the first quarter. Wealthfront Advisers LLC now owns 6,706 shares of the technology company's stock valued at $1,553,000 after purchasing an additional 2,481 shares in the last quarter. Finally, Pinkerton Retirement Specialists LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $2,865,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 171 shares of the company's stock in a transaction that occurred on Monday, July 7th. The stock was 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 in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last 90 days. 10.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. Mizuho upped their price target on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Citigroup upped their price target on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. JPMorgan Chase & Co. upped their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. KeyCorp upped their price target on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday. Finally, Stifel Nicolaus upped their price target on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Trading Up 2.0%

Shares of Veeva Systems stock traded up $5.57 during trading hours on Friday, hitting $282.03. 1,752,655 shares of the company were exchanged, compared to its average volume of 1,173,569. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The business has a 50-day moving average of $269.57 and a 200-day moving average of $241.18. The stock has a market capitalization of $46.09 billion, a price-to-earnings ratio of 59.75, a P/E/G ratio of 2.24 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 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 during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the prior year, the business earned $1.50 earnings per share. The company's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal 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.