Citigroup Inc. Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Citigroup Inc. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 12.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 89,882 shares of the technology company’s stock after selling 12,819 shares during the period. Citigroup Inc. owned about 0.06% of Veeva Systems worth $20,819,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC grew its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth approximately $32,000. Finally, Key Financial Inc grew its stake in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 1.4%

Shares of Veeva Systems stock opened at $279.17 on Thursday. Veeva Systems Inc. has a 12-month low of $187.66 and a 12-month high of $296.72. The firm has a market capitalization of $45.62 billion, a price-to-earnings ratio of 59.15, a PEG ratio of 2.18 and a beta of 0.95. The firm’s 50 day simple moving average is $282.64 and its two-hundred day simple moving average is $250.07.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the business posted $1.50 EPS. Veeva Systems’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on VEEV. Mizuho upped their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Needham & Company LLC increased their target price on Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Truist Financial increased their target price on Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a research note on Thursday, May 29th. KeyCorp increased their target price on Veeva Systems from $285.00 to $325.00 and gave the company an “overweight” rating in a research note on Monday, July 14th. Finally, Morgan Stanley increased their target price on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $274.17.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director owned 5,500 shares in the company, 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 over the last 90 days. 10.30% of the stock is currently owned by company insiders.

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.