Gateway Investment Advisers LLC Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Gateway Investment Advisers LLC trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 37,528 shares of the technology company's stock after selling 5,517 shares during the quarter. Gateway Investment Advisers LLC's holdings in Veeva Systems were worth $6,868,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of VEEV. Advisors Asset Management Inc. purchased a new stake in Veeva Systems during the first quarter valued at $28,000. DSM Capital Partners LLC purchased a new position in shares of Veeva Systems in the fourth quarter worth approximately $29,000. First Financial Corp IN purchased a new stake in Veeva Systems during the first quarter valued at approximately $35,000. Larson Financial Group LLC raised its position in Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company's stock worth $38,000 after acquiring an additional 150 shares during the period. Finally, Vermillion & White Wealth Management Group LLC bought a new position in Veeva Systems in the fourth quarter worth approximately $32,000. Institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the subject of several analyst reports. Barclays reduced their price objective on Veeva Systems from $245.00 to $220.00 and set an "overweight" rating for the company in a research note on Friday, May 31st. Piper Sandler cut their price objective on Veeva Systems from $235.00 to $225.00 and set an "overweight" rating for the company in a research note on Friday, July 12th. Morgan Stanley dropped their price target on shares of Veeva Systems from $210.00 to $173.00 and set an "underweight" rating for the company in a research report on Friday, May 31st. Stifel Nicolaus decreased their price objective on shares of Veeva Systems from $250.00 to $210.00 and set a "buy" rating on the stock in a research report on Friday, May 31st. Finally, Citigroup dropped their target price on shares of Veeva Systems from $274.00 to $256.00 and set a "buy" rating for the company in a report on Monday, June 3rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $228.27.

Insider Buying and Selling

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the firm's 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 completion of the sale, the chief financial officer now owns 8,391 shares of the company's stock, valued at $1,546,713.03. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 10.50% of the stock is owned by corporate insiders.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $1.39 during trading on Friday, hitting $186.85. The company had a trading volume of 421,794 shares, compared to its average volume of 976,787. The stock has a market cap of $30.20 billion, a price-to-earnings ratio of 55.12, a price-to-earnings-growth ratio of 1.82 and a beta of 0.80. The company has a fifty day simple moving average of $184.56 and a two-hundred day simple moving average of $203.36. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90.

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

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.