Veeva Systems Inc. (NYSE:VEEV) Position Cut by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in Veeva Systems Inc. (NYSE:VEEV) by 37.6% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 37,512 shares of the technology company’s stock after selling 22,560 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Veeva Systems were worth $8,689,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC lifted its stake in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after buying an additional 163 shares during the last quarter. Linonia Partnership LP grew its holdings in Veeva Systems by 42.1% in the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company’s stock worth $252,925,000 after buying an additional 356,300 shares in the last quarter. VSM Wealth Advisory LLC bought a new position in Veeva Systems in the 4th quarter worth approximately $42,000. Amundi grew its holdings in Veeva Systems by 9.8% in the 4th quarter. Amundi now owns 459,044 shares of the technology company’s stock worth $99,750,000 after buying an additional 40,884 shares in the last quarter. Finally, Townsquare Capital LLC grew its holdings in Veeva Systems by 3.1% in the 4th quarter. Townsquare Capital LLC now owns 4,912 shares of the technology company’s stock worth $1,033,000 after buying an additional 150 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $281.82 on Friday. Veeva Systems Inc. has a one year low of $176.41 and a one year high of $291.69. The stock has a fifty day moving average of $242.24 and a 200-day moving average of $232.35. The company has a market capitalization of $45.85 billion, a PE ratio of 69.59, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same quarter in the prior year, the firm earned $1.50 EPS. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. As a group, research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,184 shares of company stock worth $1,376,179 over the last quarter. Corporate insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Mizuho increased their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a report on Monday, June 2nd. UBS Group increased their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. KeyCorp decreased their price objective on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Finally, Morgan Stanley increased their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.80.

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.