Tran Capital Management L.P. Sells 9,355 Shares of Veeva Systems Inc. (NYSE:VEEV)

Tran Capital Management L.P. cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 8.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 96,258 shares of the technology company’s stock after selling 9,355 shares during the period. Veeva Systems makes up 3.0% of Tran Capital Management L.P.’s portfolio, making the stock its 15th largest position. Tran Capital Management L.P. owned 0.06% of Veeva Systems worth $22,296,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in VEEV. Apollon Wealth Management LLC grew its holdings in Veeva Systems by 17.5% in the 4th quarter. Apollon Wealth Management LLC now owns 2,552 shares of the technology company’s stock worth $537,000 after acquiring an additional 380 shares during the last quarter. Empowered Funds LLC grew its stake in shares of Veeva Systems by 2.3% in the fourth quarter. Empowered Funds LLC now owns 4,265 shares of the technology company’s stock worth $897,000 after purchasing an additional 95 shares during the last quarter. Kestra Private Wealth Services LLC increased its holdings in Veeva Systems by 66.0% during the 4th quarter. Kestra Private Wealth Services LLC now owns 4,109 shares of the technology company’s stock valued at $864,000 after purchasing an additional 1,634 shares during the period. Portfolio Design Labs LLC purchased a new position in Veeva Systems during the 4th quarter valued at about $267,000. Finally, TFB Advisors LLC raised its position in Veeva Systems by 2.4% during the 4th quarter. TFB Advisors LLC now owns 3,542 shares of the technology company’s stock valued at $745,000 after purchasing an additional 84 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 1.6%

VEEV stock opened at $288.76 on Thursday. The stock’s 50 day simple moving average is $239.45 and its 200 day simple moving average is $231.56. Veeva Systems Inc. has a 12-month low of $176.41 and a 12-month high of $291.68. The stock has a market capitalization of $46.98 billion, a PE ratio of 71.30, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (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 firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the prior year, the company posted $1.50 earnings per share. The company’s quarterly revenue was up 16.7% on a year-over-year basis. On average, research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on VEEV shares. Raymond James lifted their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an “outperform” rating in a research note on Thursday, May 29th. Citigroup raised their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a report on Friday, May 30th. UBS Group upped their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. Robert W. Baird raised their target price on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. Finally, Scotiabank lifted their price target on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.80.

Insider Activity

In related news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at $1,593,460. The trade was 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 valued at $1,376,179 over the last three months. Insiders own 10.30% of the company’s stock.

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.