Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Artemis Investment Management LLP

Artemis Investment Management LLP lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 49.4% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 2,466 shares of the technology company’s stock after selling 2,407 shares during the quarter. Artemis Investment Management LLP’s holdings in Veeva Systems were worth $571,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Facet Wealth Inc. lifted its holdings in shares of Veeva Systems by 3.2% in the 4th quarter. Facet Wealth Inc. now owns 1,542 shares of the technology company’s stock valued at $323,000 after buying an additional 48 shares during the period. Yousif Capital Management LLC lifted its holdings in shares of Veeva Systems by 3.5% in the 4th quarter. Yousif Capital Management LLC now owns 1,777 shares of the technology company’s stock valued at $342,000 after buying an additional 60 shares during the period. Quadrant Capital Group LLC lifted its holdings in shares of Veeva Systems by 14.7% in the 4th quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock valued at $102,000 after buying an additional 68 shares during the period. Wedmont Private Capital increased its stake in shares of Veeva Systems by 3.8% in the 1st quarter. Wedmont Private Capital now owns 1,981 shares of the technology company’s stock valued at $429,000 after purchasing an additional 72 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its stake in shares of Veeva Systems by 3.7% in the 4th quarter. Foundations Investment Advisors LLC now owns 2,250 shares of the technology company’s stock valued at $459,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Down 1.2 %

NYSE:VEEV traded down $2.18 during midday trading on Friday, reaching $182.97. The company had a trading volume of 1,424,563 shares, compared to its average volume of 1,007,138. The firm has a market capitalization of $29.58 billion, a price-to-earnings ratio of 54.58, a PEG ratio of 1.81 and a beta of 0.80. The stock’s fifty day simple moving average is $195.28 and its 200-day simple moving average is $204.95. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results 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 company had revenue of $650.35 million for the quarter, compared to analysts’ expectations of $641.73 million. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

Insider Buying and Selling at Veeva Systems

In other 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 sale, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Jonathan Faddis sold 3,598 shares of the firm’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 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 SEC, which is accessible through this link. Also, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at approximately $1,546,713.03. The disclosure for this sale can be found here. Insiders have sold a total of 21,989 shares of company stock worth $4,192,363 over the last ninety days. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on VEEV shares. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research note on Wednesday, March 13th. Piper Sandler cut their price objective on Veeva Systems from $245.00 to $235.00 and set an “overweight” rating for the company in a research note on Friday, May 31st. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Morgan Stanley cut their price objective on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Finally, Evercore ISI lowered their price objective on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $227.95.

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.