Artemis Investment Management LLP Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Artemis Investment Management LLP lowered its holdings in Veeva Systems Inc. (NYSE:VEEV) by 49.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,466 shares of the technology company’s stock after selling 2,407 shares during the quarter. Artemis Investment Management LLP’s holdings in Veeva Systems were worth $571,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LPL Financial LLC grew its stake in Veeva Systems by 9.1% during the 3rd quarter. LPL Financial LLC now owns 76,795 shares of the technology company’s stock worth $15,624,000 after purchasing an additional 6,378 shares in the last quarter. Operose Advisors LLC acquired a new position in Veeva Systems during the 3rd quarter worth $29,000. O Shaughnessy Asset Management LLC grew its stake in Veeva Systems by 94.9% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 6,211 shares of the technology company’s stock worth $1,264,000 after purchasing an additional 3,024 shares in the last quarter. Bank of Nova Scotia acquired a new position in Veeva Systems during the 3rd quarter worth $635,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in Veeva Systems during the 3rd quarter worth $584,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.2 %

Veeva Systems stock traded down $2.18 during mid-day trading on Friday, hitting $182.97. The company’s stock had a trading volume of 1,424,563 shares, compared to its average volume of 1,007,138. The stock has a market capitalization of $29.58 billion, a P/E ratio of 54.58, a P/E/G ratio of 1.81 and a beta of 0.80. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The stock’s fifty day moving average price is $195.28 and its two-hundred day moving average price is $204.95.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 earnings per share for the quarter, topping 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 firm had revenue of $650.35 million for the quarter, compared to analysts’ expectations of $641.73 million. Equities analysts expect that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on VEEV shares. Canaccord Genuity Group decreased their price target on Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a report on Friday, May 31st. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a report on Wednesday, March 13th. KeyCorp boosted their target price on Veeva Systems from $232.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Barclays reduced their target price on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Finally, Jefferies Financial Group boosted their target price on Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 4th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $227.95.

Insider Activity at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on Friday, June 7th. The shares were 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 of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Timothy S. Cabral sold 15,000 shares of the business’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 transaction, the chief financial officer now owns 8,391 shares in the company, valued at approximately $1,546,713.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total transaction of $681,116.26. Following the transaction, the executive vice president now owns 21,983 shares in the company, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,989 shares of company stock valued at $4,192,363. Insiders own 10.50% of the company’s stock.

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.