Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Park Place Capital Corp

Park Place Capital Corp lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 26.8% during the first quarter, Holdings Channel.com reports. The fund owned 1,087 shares of the technology company’s stock after selling 398 shares during the period. Park Place Capital Corp’s holdings in Veeva Systems were worth $252,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Veeva Systems during the 4th quarter worth approximately $305,543,000. Linonia Partnership LP acquired a new stake in shares of Veeva Systems during the 4th quarter valued at $157,043,000. Van ECK Associates Corp boosted its stake in shares of Veeva Systems by 22.6% during the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after buying an additional 327,662 shares during the period. Wellington Management Group LLP boosted its stake in shares of Veeva Systems by 9.6% during 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 buying an additional 289,133 shares during the period. Finally, Epoch Investment Partners Inc. boosted its stake 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 buying an additional 227,109 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Down 0.8 %

Shares of VEEV stock opened at $181.53 on Tuesday. The firm’s 50 day moving average is $194.68 and its 200-day moving average is $205.28. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90. The firm has a market capitalization of $29.34 billion, a price-to-earnings ratio of 53.55, a PEG ratio of 1.79 and a beta of 0.80.

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

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total value of $746,297.16. Following the completion of the sale, the senior vice president now owns 10,668 shares of the company’s stock, valued at $2,212,756.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction on Friday, June 7th. The shares were 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 owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction on 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 directly owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,989 shares of company stock valued at $4,192,363. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Evercore ISI cut their target price on shares of 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. UBS Group dropped their price objective on shares of Veeva Systems from $235.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, May 31st. KeyCorp upped their target price on shares of Veeva Systems from $232.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, March 5th. Finally, Citigroup lowered their target price on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen 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 an average target price 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.