Veeva Systems Inc. (NYSE:VEEV) Stake Cut by Axa S.A.

AXA S.A. reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 459,181 shares of the technology company's stock after selling 38,425 shares during the period. AXA S.A. owned 0.28% of Veeva Systems worth $84,035,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Semmax Financial Advisors Inc. raised its position in shares of Veeva Systems by 12.1% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 4,847 shares of the technology company's stock worth $922,000 after purchasing an additional 523 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Veeva Systems during the 2nd quarter worth approximately $21,769,000. Farallon Capital Management LLC acquired a new position in Veeva Systems in the 2nd quarter valued at $663,000. Xponance Inc. raised its holdings in Veeva Systems by 0.4% in the 2nd quarter. Xponance Inc. now owns 26,856 shares of the technology company's stock valued at $4,915,000 after acquiring an additional 119 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in Veeva Systems by 272.7% in the 2nd quarter. Bank of Montreal Can now owns 152,697 shares of the technology company's stock valued at $28,463,000 after acquiring an additional 111,724 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The sale was disclosed in a document filed with the SEC, which is available through this link. 10.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on VEEV. Bank of America boosted their price target on Veeva Systems from $204.00 to $240.00 and gave the company a "neutral" rating in a report on Thursday, August 29th. Evercore ISI cut their price target on Veeva Systems from $230.00 to $200.00 and set an "in-line" rating for the company in a report on Friday, May 31st. UBS Group boosted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a research note on Monday, August 26th. Needham & Company LLC reissued a "buy" rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Thursday, August 29th. Finally, Citigroup boosted their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the company a "buy" rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $229.96.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $4.33 during trading on Thursday, reaching $209.46. The stock had a trading volume of 872,131 shares, compared to its average volume of 972,711. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The stock has a market cap of $33.92 billion, a PE ratio of 61.78, a P/E/G ratio of 2.02 and a beta of 0.81. The firm's 50 day moving average price is $200.64 and its two-hundred day moving average price is $201.17.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The business had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. On average, research analysts expect that Veeva Systems Inc. will post 4.21 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.