AlphaQuest LLC Decreases Stake in Veeva Systems Inc. $VEEV

AlphaQuest LLC reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 15.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,673 shares of the technology company’s stock after selling 299 shares during the period. AlphaQuest LLC’s holdings in Veeva Systems were worth $388,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in VEEV. Abound Financial LLC purchased a new stake in shares of Veeva Systems during the 1st quarter worth $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the 1st quarter worth $26,000. Golden State Wealth Management LLC boosted 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 purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the 1st quarter worth $32,000. Finally, Key Financial Inc boosted its position in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after purchasing an additional 95 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

VEEV opened at $295.23 on Thursday. Veeva Systems Inc. has a 1 year low of $198.12 and a 1 year high of $296.72. The company’s 50 day simple moving average is $282.76 and its 200 day simple moving average is $253.55. The stock has a market capitalization of $48.24 billion, a PE ratio of 62.55, a P/E/G ratio of 2.27 and a beta of 0.95.

Veeva Systems (NYSE:VEEV) last issued 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 net margin of 27.34% and a return on equity of 13.96%. The firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the business posted $1.50 earnings per share. Veeva Systems’s revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the company’s stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

VEEV has been the subject of several research reports. Wall Street Zen raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Wells Fargo & Company lifted their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an “overweight” rating in a research note on Tuesday. Mizuho lifted their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Truist Financial lifted their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a “hold” rating in a research note on Thursday, May 29th. Finally, KeyCorp raised their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a research report on Monday, July 14th. Fourteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $275.25.

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.