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

by · The Markets Daily

Atria Investments Inc reduced its position in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 9.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,127 shares of the technology company’s stock after selling 1,306 shares during the quarter. Atria Investments Inc’s holdings in Veeva Systems were worth $2,810,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Advisors Asset Management Inc. bought a new position in Veeva Systems in the 1st quarter worth about $28,000. DSM Capital Partners LLC bought a new position in Veeva Systems in the 4th quarter worth about $29,000. First Financial Corp IN bought a new position in Veeva Systems in the 1st quarter worth about $35,000. Larson Financial Group LLC boosted its stake in shares of Veeva Systems by 1,153.8% during the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after purchasing an additional 150 shares in the last quarter. Finally, Vermillion & White Wealth Management Group LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at approximately $32,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a research note on Friday, May 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research note on Friday, June 21st. Piper Sandler dropped their price objective on shares of Veeva Systems from $235.00 to $225.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Finally, BTIG Research assumed coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $228.27.

Get Our Latest Stock Report on VEEV

Insider Activity

In other news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated 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 owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $4.00 during trading on Friday, hitting $185.14. 743,735 shares of the company’s stock were exchanged, compared to its average volume of 885,650. The stock has a market capitalization of $29.93 billion, a price-to-earnings ratio of 54.62, a PEG ratio of 1.85 and a beta of 0.80. The business has a 50-day simple moving average of $185.57 and a 200-day simple moving average of $204.18. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90.

Veeva Systems (NYSE:VEEV – Get Free Report) last announced its 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. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The business had revenue of $650.35 million for the quarter, compared to analyst estimates of $641.73 million. On average, equities analysts anticipate that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Veeva Systems Profile

(Free Report)

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.

See Also

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