Sunbelt Securities Inc. Reduces Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Sunbelt Securities Inc. reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 73.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,165 shares of the technology company’s stock after selling 3,142 shares during the quarter. Sunbelt Securities Inc.’s holdings in Veeva Systems were worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Operose Advisors LLC purchased a new stake in Veeva Systems in the 3rd quarter worth about $29,000. DSM Capital Partners LLC bought a new position in Veeva Systems during the fourth quarter worth about $29,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Veeva Systems in the fourth quarter worth about $32,000. First Financial Corp IN bought a new stake in shares of Veeva Systems in the first quarter valued at approximately $35,000. Finally, American National Bank purchased a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $36,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Up 0.4 %

Shares of Veeva Systems stock opened at $185.03 on Friday. The firm has a market capitalization of $29.91 billion, a PE ratio of 54.58, a price-to-earnings-growth ratio of 1.81 and a beta of 0.80. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90. The business’s 50-day moving average price is $195.28 and its 200-day moving average price is $204.95.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. The business had revenue of $650.35 million for the quarter, compared to analysts’ expectations of $641.73 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. As a group, analysts predict that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on VEEV. Morgan Stanley reduced their price objective on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Citigroup decreased their price objective on Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. The Goldman Sachs Group increased their price objective on Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Truist Financial reduced their target price on Veeva Systems from $203.00 to $197.00 and set a “hold” rating for the company in a report on Friday, June 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.95.

Insider Buying and Selling

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction dated 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 directly owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the business’s 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 completion of the sale, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of the 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 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. Insiders have sold a total of 21,989 shares of company stock worth $4,192,363 in the last 90 days. 10.50% of the stock is owned by company insiders.

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.