Tredje AP fonden Has $18.89 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Tredje AP fonden cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 26.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 81,546 shares of the technology company’s stock after selling 30,000 shares during the quarter. Tredje AP fonden’s holdings in Veeva Systems were worth $18,888,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in VEEV. Sowell Financial Services LLC bought a new position in Veeva Systems during the 1st quarter worth about $274,000. Crossmark Global Holdings Inc. acquired a new position in Veeva Systems in the 1st quarter valued at about $299,000. GAMMA Investing LLC lifted its position in Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company’s stock worth $422,000 after acquiring an additional 221 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Veeva Systems in the first quarter valued at approximately $5,876,000. Finally, Private Trust Co. NA increased its stake in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company’s stock worth $57,000 after purchasing an additional 64 shares during the period. 88.20% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction 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 transaction, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The stock was 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 of the company’s stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last 90 days. Insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. Mizuho lifted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Piper Sandler boosted their price target on Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Wells Fargo & Company boosted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, May 29th. Wall Street Zen raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Finally, Raymond James Financial upped their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company an “outperform” rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $274.17.

Veeva Systems Stock Down 1.9%

Shares of VEEV stock opened at $287.17 on Wednesday. The firm has a market capitalization of $46.93 billion, a price-to-earnings ratio of 60.84, a PEG ratio of 2.32 and a beta of 0.98. The stock has a fifty day moving average of $277.04 and a 200 day moving average of $245.47. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share 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 company had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. During the same period in the prior year, the firm earned $1.50 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current 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.