Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Bellevue Group AG

Bellevue Group AG cut its position in Veeva Systems Inc. (NYSE:VEEV) by 13.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 168,247 shares of the technology company’s stock after selling 26,766 shares during the period. Bellevue Group AG owned approximately 0.10% of Veeva Systems worth $38,981,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of VEEV. Norges Bank acquired a new position in shares of Veeva Systems in the fourth quarter valued at about $305,543,000. Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the period. Linonia Partnership LP acquired a new position in shares of Veeva Systems in the fourth quarter valued at about $157,043,000. Matrix Capital Management Company LP increased its holdings in shares of Veeva Systems by 635.4% in the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares during the period. Finally, Van ECK Associates Corp increased its holdings 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 valued at $341,736,000 after purchasing an additional 327,662 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $5.88 during trading on Friday, reaching $192.43. The stock had a trading volume of 1,058,510 shares, compared to its average volume of 851,398. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The business’s 50-day moving average price is $187.20 and its 200-day moving average price is $204.73. The company has a market cap of $31.11 billion, a P/E ratio of 56.76, a PEG ratio of 1.89 and a beta of 0.80.

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

Insider Activity at Veeva Systems

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on VEEV. Guggenheim increased their price objective on Veeva Systems from $211.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Truist Financial lowered their target price on Veeva Systems from $203.00 to $197.00 and set a “hold” rating on the stock in a research note on Friday, June 14th. Bank of America lowered their target price on Veeva Systems from $240.00 to $204.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. 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. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.27.

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.