Tran Capital Management L.P. Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Tran Capital Management L.P. decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 8.9% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 96,258 shares of the technology company’s stock after selling 9,355 shares during the period. Veeva Systems comprises approximately 3.0% of Tran Capital Management L.P.’s holdings, making the stock its 15th biggest position. Tran Capital Management L.P.’s holdings in Veeva Systems were worth $22,296,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Fifth Third Bancorp boosted its holdings in Veeva Systems by 5.0% in the 1st quarter. Fifth Third Bancorp now owns 8,970 shares of the technology company’s stock worth $2,078,000 after buying an additional 429 shares during the period. Alhambra Investment Management LLC lifted its position in shares of Veeva Systems by 23.3% in the first quarter. Alhambra Investment Management LLC now owns 1,521 shares of the technology company’s stock valued at $352,000 after acquiring an additional 287 shares in the last quarter. CX Institutional bought a new position in shares of Veeva Systems in the first quarter worth about $308,000. Handelsbanken Fonder AB boosted its stake in shares of Veeva Systems by 0.5% in the first quarter. Handelsbanken Fonder AB now owns 37,404 shares of the technology company’s stock worth $8,664,000 after acquiring an additional 183 shares during the period. Finally, SG Americas Securities LLC boosted its stake in Veeva Systems by 226.2% in the 1st quarter. SG Americas Securities LLC now owns 44,983 shares of the technology company’s stock worth $10,419,000 after purchasing an additional 31,191 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock valued at $1,376,179 over the last 90 days. Insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. Wells Fargo & Company raised their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. Truist Financial lifted their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a report on Thursday, May 29th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Finally, Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $269.80.

Veeva Systems Stock Up 1.6%

NYSE VEEV opened at $288.76 on Thursday. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.68. The firm has a market capitalization of $46.98 billion, a price-to-earnings ratio of 71.30, a PEG ratio of 1.89 and a beta of 0.99. The company has a fifty day moving average of $239.45 and a two-hundred day moving average of $231.56.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business’s revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business earned $1.50 EPS. Equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Veeva Systems 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.