Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Bright Rock Capital Management LLC

Bright Rock Capital Management LLC cut its stake in Veeva Systems Inc. (NYSE:VEEV) by 14.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,000 shares of the technology company’s stock after selling 7,000 shares during the period. Veeva Systems accounts for about 2.1% of Bright Rock Capital Management LLC’s portfolio, making the stock its 12th largest position. Bright Rock Capital Management LLC’s holdings in Veeva Systems were worth $9,960,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of VEEV. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems during the 4th quarter worth approximately $685,355,000. Norges Bank purchased a new position in shares of Veeva Systems during the 4th quarter valued at approximately $294,785,000. Wealthfront Advisers LLC increased its holdings in shares of Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Stockbridge Partners LLC purchased a new position in shares of Veeva Systems during the 4th quarter valued at approximately $137,260,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on VEEV shares. Morgan Stanley lifted their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a report on Thursday, May 29th. Truist Financial lifted their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a report on Thursday, May 29th. Wells Fargo & Company lifted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. KeyCorp cut their target price on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Barclays boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $269.80.

Insider Activity

In other news, Director Timothy S. Cabral sold 315 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Down 2.3%

Shares of VEEV opened at $281.85 on Friday. Veeva Systems Inc. has a 52-week low of $176.41 and a 52-week high of $291.69. The firm’s fifty day moving average is $240.79 and its two-hundred day moving average is $231.94. The stock has a market cap of $45.86 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 results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company’s revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.50 EPS. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.