Private Advisor Group LLC Takes $1.37 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Private Advisor Group LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 7,440 shares of the technology company’s stock, valued at approximately $1,367,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Veeva Systems in the fourth quarter worth approximately $259,703,000. Alliancebernstein L.P. lifted its position in shares of Veeva Systems by 24.3% in the fourth quarter. Alliancebernstein L.P. now owns 7,362,861 shares of the technology company’s stock worth $1,188,219,000 after buying an additional 1,440,210 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Veeva Systems by 1,578.4% in the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after purchasing an additional 1,414,726 shares during the period. Winslow Capital Management LLC increased its holdings in shares of Veeva Systems by 64.7% during the fourth quarter. Winslow Capital Management LLC now owns 2,344,419 shares of the technology company’s stock worth $378,342,000 after buying an additional 920,633 shares in the last quarter. Finally, Artisan Partners Limited Partnership increased its stake in shares of Veeva Systems by 5.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 9,942,231 shares of the technology company’s stock valued at $1,604,477,000 after buying an additional 548,700 shares in the last quarter. Institutional investors and hedge funds own 80.07% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VEEV. Barclays increased their price target on Veeva Systems from $203.00 to $225.00 in a research note on Friday, June 23rd. KeyCorp increased their target price on Veeva Systems from $185.00 to $210.00 in a research note on Friday, June 2nd. Truist Financial boosted their price objective on shares of Veeva Systems from $195.00 to $204.00 in a report on Thursday, June 8th. Guggenheim raised shares of Veeva Systems from a “neutral” rating to a “buy” rating and set a $226.00 price target for the company in a report on Thursday, June 1st. Finally, UBS Group cut their price target on shares of Veeva Systems from $190.00 to $175.00 in a report on Monday, May 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $206.86.

Veeva Systems Trading Up 1.5 %

Shares of NYSE VEEV opened at $189.13 on Monday. The business’s 50 day moving average is $197.58 and its 200-day moving average is $183.94. Veeva Systems Inc. has a 1-year low of $151.02 and a 1-year high of $218.33. The firm has a market cap of $30.30 billion, a P/E ratio of 59.10, a price-to-earnings-growth ratio of 3.46 and a beta of 0.96.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, May 31st. The technology company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.38 by $0.09. Veeva Systems had a net margin of 23.85% and a return on equity of 10.88%. The business had revenue of $526.33 million for the quarter, compared to the consensus estimate of $515.47 million. Analysts forecast that Veeva Systems Inc. will post 2.7 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 12,036 shares of the stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $200.05, for a total value of $2,407,801.80. Following the completion of the sale, the director now owns 71,078 shares in the company, valued at approximately $14,219,153.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Veeva Systems news, Director Timothy S. Cabral sold 12,036 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $200.05, for a total transaction of $2,407,801.80. Following the sale, the director now owns 71,078 shares of the company’s stock, valued at approximately $14,219,153.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michele O’connor sold 3,137 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $197.95, for a total value of $620,969.15. Following the transaction, the chief accounting officer now owns 8,433 shares of the company’s stock, valued at $1,669,312.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,425 shares of company stock valued at $3,078,109. 10.98% of the stock is owned by company insiders.

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 data 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.