Wellington Management Group LLP Decreases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Wellington Management Group LLP has reduced its stake in Veeva Systems by 11.2% in Q1, now holding approximately $365.4 million worth of shares.
• Veeva Systems reported earnings of $1.97 per share for the latest quarter, exceeding analyst expectations of $1.74, with revenues reaching $759.04 million.
• Several analysts have raised their price targets for Veeva Systems, with Barclays setting a new price objective of $300 and KeyCorp increasing it to $325.

Wellington Management Group LLP reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,577,532 shares of the technology company's stock after selling 198,431 shares during the quarter. Wellington Management Group LLP owned approximately 0.97% of Veeva Systems worth $365,404,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Abound Financial LLC purchased a new stake in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC acquired a new stake in Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC lifted its position in shares of Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at $32,000. Finally, Key Financial Inc boosted its holdings in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after buying an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the sale, the director directly owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 over the last ninety days. Corporate insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VEEV shares. Needham & Company LLC lifted their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. UBS Group lifted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. KeyCorp boosted their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Mizuho upped their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Fourteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Trading Up 3.1%

Shares of Veeva Systems stock traded up $8.75 during trading hours on Friday, hitting $291.03. 961,444 shares of the company were exchanged, compared to its average volume of 1,080,466. The business has a 50-day moving average of $282.35 and a 200-day moving average of $252.59. Veeva Systems Inc. has a 1 year low of $196.10 and a 1 year high of $296.72. The stock has a market capitalization of $47.56 billion, a price-to-earnings ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the firm posted $1.50 EPS. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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.