Principal Financial Group Inc. Raises Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEVGet Rating) by 37.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 119,492 shares of the technology company’s stock after buying an additional 32,502 shares during the period. Principal Financial Group Inc. owned approximately 0.08% of Veeva Systems worth $23,665,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. 17 Capital Partners LLC raised its holdings in Veeva Systems by 5.2% during the 2nd quarter. 17 Capital Partners LLC now owns 1,020 shares of the technology company’s stock valued at $202,000 after buying an additional 50 shares during the period. Nisa Investment Advisors LLC grew its position in Veeva Systems by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 18,774 shares of the technology company’s stock valued at $3,718,000 after acquiring an additional 50 shares during the last quarter. Handelsinvest Investeringsforvaltning grew its position in Veeva Systems by 0.5% in the 2nd quarter. Handelsinvest Investeringsforvaltning now owns 10,051 shares of the technology company’s stock valued at $1,991,000 after acquiring an additional 51 shares during the last quarter. Revolve Wealth Partners LLC grew its position in Veeva Systems by 3.1% in the 2nd quarter. Revolve Wealth Partners LLC now owns 1,720 shares of the technology company’s stock valued at $341,000 after acquiring an additional 52 shares during the last quarter. Finally, Slow Capital Inc. grew its position in Veeva Systems by 1.0% in the 2nd quarter. Slow Capital Inc. now owns 5,636 shares of the technology company’s stock valued at $1,116,000 after acquiring an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Veeva Systems Stock Performance

Veeva Systems stock opened at $184.08 on Monday. The stock has a 50-day moving average of $168.87 and a two-hundred day moving average of $185.87. Veeva Systems Inc. has a one year low of $151.02 and a one year high of $310.75. The stock has a market cap of $28.58 billion, a PE ratio of 75.75, a price-to-earnings-growth ratio of 4.40 and a beta of 0.81.

Veeva Systems (NYSE:VEEVGet Rating) last announced its quarterly earnings data on Wednesday, August 31st. The technology company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.11). Veeva Systems had a return on equity of 13.40% and a net margin of 19.67%. The firm had revenue of $534.20 million during the quarter, compared to analysts’ expectations of $530.70 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, sell-side analysts predict that Veeva Systems Inc. will post 2.53 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, Director Paul Edward Chamberlain sold 260 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $179.99, for a total value of $46,797.40. Following the completion of the transaction, the director now directly owns 16,443 shares in the company, valued at $2,959,575.57. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $166.20, for a total transaction of $1,662,000.00. Following the completion of the transaction, the director now directly owns 2,546 shares in the company, valued at $423,145.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Edward Chamberlain sold 260 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total value of $46,797.40. Following the completion of the sale, the director now directly owns 16,443 shares in the company, valued at $2,959,575.57. The disclosure for this sale can be found here. Insiders sold a total of 30,260 shares of company stock worth $5,096,397 over the last three months. 13.23% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on VEEV shares. Canaccord Genuity Group cut their price objective on Veeva Systems from $200.00 to $185.00 in a research report on Thursday, September 1st. JMP Securities cut their price objective on Veeva Systems from $240.00 to $215.00 and set a “market outperform” rating on the stock in a research report on Thursday, September 1st. Piper Sandler cut their price objective on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a research report on Thursday, October 20th. Royal Bank of Canada dropped their price target on Veeva Systems from $250.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, September 1st. Finally, The Goldman Sachs Group dropped their price target on Veeva Systems from $235.00 to $205.00 and set a “buy” rating on the stock in a research report on Friday, October 28th. Ten equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $215.74.

About Veeva Systems

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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