Veeva Systems Inc. (NYSE:VEEV) Shares Sold by World Equity Group Inc.

World Equity Group Inc. lowered its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 49.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,477 shares of the technology company’s stock after selling 2,411 shares during the period. World Equity Group Inc.’s holdings in Veeva Systems were worth $453,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Linscomb & Williams Inc. acquired a new position in shares of Veeva Systems in the fourth quarter valued at approximately $1,479,000. Robeco Institutional Asset Management B.V. raised its position in shares of Veeva Systems by 32.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 206,220 shares of the technology company’s stock valued at $365,000 after buying an additional 50,868 shares during the last quarter. APG Asset Management US Inc. acquired a new position in shares of Veeva Systems in the fourth quarter valued at approximately $5,756,000. Quantum Capital Management LLC NJ raised its position in shares of Veeva Systems by 9.8% in the fourth quarter. Quantum Capital Management LLC NJ now owns 329,867 shares of the technology company’s stock valued at $63,506,000 after buying an additional 29,525 shares during the last quarter. Finally, Eisler Capital UK Ltd. acquired a new position in shares of Veeva Systems in the fourth quarter valued at approximately $1,408,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of analyst reports. BTIG Research initiated coverage on shares of Veeva Systems in a research report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price objective for the company. Morgan Stanley lowered their target price on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a report on Friday, May 31st. Barclays lowered their target price on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Needham & Company LLC restated a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a report on Monday, July 15th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $228.27.

Insider Activity at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of the company’s 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 sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Price Performance

VEEV traded down $0.36 during trading on Friday, hitting $192.50. The company had a trading volume of 641,758 shares, compared to its average volume of 962,743. The company has a market cap of $31.12 billion, a PE ratio of 56.78, a P/E/G ratio of 1.84 and a beta of 0.80. The business has a 50-day moving average of $185.54 and a 200-day moving average of $202.69. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.10. The firm 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%. Research analysts forecast that Veeva Systems Inc. will post 4.19 earnings per share 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.