Axxcess Wealth Management LLC Sells 1,477 Shares of Veeva Systems Inc. (NYSE:VEEV)

Axxcess Wealth Management LLC reduced its stake in Veeva Systems Inc. (NYSE:VEEV) by 53.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,279 shares of the technology company’s stock after selling 1,477 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Veeva Systems were worth $296,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its position in shares of Veeva Systems by 4.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 75,066 shares of the technology company’s stock valued at $14,452,000 after purchasing an additional 2,963 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Veeva Systems by 8.1% during the fourth quarter. Pacer Advisors Inc. now owns 2,980 shares of the technology company’s stock valued at $574,000 after purchasing an additional 223 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of Veeva Systems by 2.8% during the fourth quarter. Global Retirement Partners LLC now owns 5,143 shares of the technology company’s stock valued at $1,066,000 after purchasing an additional 141 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Veeva Systems by 1.3% in the 4th quarter. State of Alaska Department of Revenue now owns 20,965 shares of the technology company’s stock valued at $4,035,000 after acquiring an additional 275 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC lifted its holdings in shares of Veeva Systems by 16.3% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 5,458 shares of the technology company’s stock valued at $1,051,000 after acquiring an additional 766 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Up 3.2 %

NYSE VEEV opened at $192.43 on Friday. The firm’s fifty day simple moving average is $187.20 and its two-hundred day simple moving average is $204.66. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90. The firm has a market capitalization of $31.11 billion, a P/E ratio of 56.76, a P/E/G ratio of 1.89 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) 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 net margin of 22.34% and a return on equity of 12.74%. The business had revenue of $650.35 million for the quarter, compared to analyst estimates of $641.73 million. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the transaction, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VEEV shares. Piper Sandler lowered their price target on shares of Veeva Systems from $235.00 to $225.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Barclays lowered their price target on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Stifel Nicolaus lowered their price target on shares of Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a report on Friday, May 31st. Canaccord Genuity Group lowered their price target on shares of Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a report on Friday, May 31st. Finally, UBS Group decreased their price objective on shares of Veeva Systems from $235.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $228.27.

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.