BluePath Capital Management LLC Trims Position in Veeva Systems Inc. (NYSE:VEEV)

BluePath Capital Management LLC lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,005 shares of the technology company’s stock after selling 81 shares during the quarter. BluePath Capital Management LLC’s holdings in Veeva Systems were worth $465,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. Norges Bank acquired a new position in Veeva Systems in the fourth quarter valued at $305,543,000. Linonia Partnership LP acquired a new stake in shares of Veeva Systems in the fourth quarter worth $157,043,000. Van ECK Associates Corp increased its position in shares of Veeva Systems by 22.6% in the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after acquiring an additional 327,662 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after acquiring an additional 289,133 shares during the period. Finally, Epoch Investment Partners Inc. lifted its holdings in shares of Veeva Systems by 104.2% during the 4th quarter. Epoch Investment Partners Inc. now owns 445,047 shares of the technology company’s stock valued at $85,680,000 after acquiring an additional 227,109 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded down $1.52 on Wednesday, hitting $181.33. The company had a trading volume of 599,308 shares, compared to its average volume of 1,001,229. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $236.90. The company has a market cap of $29.31 billion, a PE ratio of 53.70, a PEG ratio of 1.79 and a beta of 0.80. The business has a 50-day simple moving average of $193.97 and a 200-day simple moving average of $205.28.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.10. The company had revenue of $650.35 million for the quarter, compared to analysts’ expectations of $641.73 million. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. On average, equities research analysts predict that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total value of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares of the company’s stock, valued at $2,212,756.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now owns 10,668 shares in the company, valued at approximately $2,212,756.56. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,989 shares of company stock worth $4,192,363. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several research reports. Robert W. Baird raised their price objective on Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a research note on Friday, June 21st. Stifel Nicolaus lowered their price objective on Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, May 31st. Truist Financial decreased their price objective on shares of Veeva Systems from $203.00 to $197.00 and set a “hold” rating for the company in a report on Friday, June 14th. Finally, UBS Group decreased their target price on Veeva Systems from $235.00 to $185.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $227.95.

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.