US Bancorp DE Decreases Holdings in Veeva Systems Inc. (NYSE:VEEV)

US Bancorp DE decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 35.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,274 shares of the technology company's stock after selling 14,475 shares during the period. US Bancorp DE's holdings in Veeva Systems were worth $6,087,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in shares of Veeva Systems by 13.0% during the first quarter. Russell Investments Group Ltd. now owns 178,851 shares of the technology company's stock valued at $41,506,000 after buying an additional 20,523 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Veeva Systems during the first quarter valued at approximately $94,000. AMJ Financial Wealth Management bought a new stake in Veeva Systems in the first quarter worth $4,921,000. Williams Jones Wealth Management LLC. increased its position in Veeva Systems by 1.5% in the first quarter. Williams Jones Wealth Management LLC. now owns 57,532 shares of the technology company's stock worth $13,330,000 after purchasing an additional 848 shares during the last quarter. Finally, Inspire Investing LLC increased its position in Veeva Systems by 29.4% in the first quarter. Inspire Investing LLC now owns 23,361 shares of the technology company's stock worth $5,412,000 after purchasing an additional 5,307 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. 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 for the company. Raymond James reaffirmed an "outperform" rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Tuesday, March 26th. Morgan Stanley dropped their price objective on shares of Veeva Systems from $210.00 to $173.00 and set an "underweight" rating for the company in a research note 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 research note on Friday, May 31st. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $250.00 target price on shares of Veeva Systems in a research note on Friday, June 21st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $228.05.

Veeva Systems Trading Down 2.8 %

Shares of NYSE VEEV traded down $5.19 during mid-day trading on Wednesday, reaching $181.97. The company had a trading volume of 1,097,942 shares, compared to its average volume of 990,092. The stock has a market cap of $29.42 billion, a PE ratio of 53.68, a P/E/G ratio of 1.82 and a beta of 0.80. The company has a 50-day moving average price of $190.52 and a two-hundred day moving average price of $204.97. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The company had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. On average, research analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Alan Mateo sold 3,391 shares of the business's stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Timothy S. Cabral sold 15,000 shares of the business's stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the transaction, the chief financial officer now owns 8,391 shares of the company's stock, valued at $1,546,713.03. The disclosure for this sale can be found here. Corporate insiders own 10.50% 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.