Clearbridge Investments LLC Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Clearbridge Investments LLC lowered its holdings in Veeva Systems Inc. (NYSE:VEEV) by 0.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 11,630 shares of the technology company’s stock after selling 111 shares during the quarter. Clearbridge Investments LLC’s holdings in Veeva Systems were worth $2,695,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in shares of Veeva Systems during the 4th quarter valued at about $1,979,000. Raymond James Financial Services Advisors Inc. grew its position in shares of Veeva Systems by 4.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 75,066 shares of the technology company’s stock worth $14,452,000 after buying an additional 2,963 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Veeva Systems by 8.1% in the 4th quarter. Pacer Advisors Inc. now owns 2,980 shares of the technology company’s stock worth $574,000 after buying an additional 223 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Veeva Systems by 328.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 73,720 shares of the technology company’s stock worth $14,193,000 after buying an additional 56,519 shares during the last quarter. Finally, Washington Trust Advisors Inc. grew its position in shares of Veeva Systems by 4.4% in the 4th quarter. Washington Trust Advisors Inc. now owns 43,462 shares of the technology company’s stock worth $8,367,000 after buying an additional 1,845 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Transactions at Veeva Systems

In other news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group cut their price objective on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Robert W. Baird lifted their price target on Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Citigroup dropped their price target on Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a research report on Monday, June 3rd. 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 note on Friday, May 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $228.27.

Veeva Systems Stock Up 0.8 %

NYSE:VEEV traded up $1.46 during mid-day trading on Thursday, hitting $185.71. 59,426 shares of the company traded hands, compared to its average volume of 981,809. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The stock’s fifty day moving average price is $188.02 and its 200-day moving average price is $204.69. The firm has a market cap of $30.02 billion, a price-to-earnings ratio of 54.36, a price-to-earnings-growth ratio of 1.83 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 (EPS) 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 for the quarter, compared to the consensus estimate of $641.73 million. Equities analysts predict that Veeva Systems Inc. will post 4.19 EPS for the current year.

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.