Amalgamated Bank Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Amalgamated Bank raised its position in Veeva Systems Inc. (NYSE:VEEV) by 2.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 9,968 shares of the technology company’s stock after acquiring an additional 201 shares during the period. Amalgamated Bank’s holdings in Veeva Systems were worth $1,824,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Van ECK Associates Corp grew its holdings in Veeva Systems by 9.0% during the first quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock worth $448,123,000 after acquiring an additional 159,085 shares during the period. TD Asset Management Inc raised its position in Veeva Systems by 17.5% in the first quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock worth $284,335,000 after acquiring an additional 182,762 shares in the last quarter. Swedbank AB lifted its holdings in Veeva Systems by 4.9% in the second quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock valued at $188,695,000 after acquiring an additional 48,402 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 1,122.3% during the 2nd quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock worth $166,946,000 after purchasing an additional 837,593 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.3 %

Shares of Veeva Systems stock opened at $205.13 on Thursday. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The business’s fifty day moving average is $200.18 and its two-hundred day moving average is $201.15. The firm has a market cap of $33.16 billion, a PE ratio of 60.51, a P/E/G ratio of 2.05 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The firm had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Equities research analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 10.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VEEV. BTIG Research initiated coverage on shares of Veeva Systems in a report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a report on Thursday, August 29th. Morgan Stanley decreased their price target on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a research note on Friday, May 31st. Piper Sandler raised their price objective on Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Finally, Barclays boosted their target price on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $229.96.

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.