Compass Wealth Management LLC Takes $18.69 Million Position in Veeva Systems Inc. $VEEV

Compass Wealth Management LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 62,751 shares of the technology company’s stock, valued at approximately $18,694,000. Veeva Systems makes up about 2.2% of Compass Wealth Management LLC’s investment portfolio, making the stock its 10th biggest position.

Other large investors have also recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC grew its holdings in shares of Veeva Systems by 0.3% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock worth $3,707,000 after acquiring an additional 35 shares during the last quarter. Sigma Planning Corp boosted its position in shares of Veeva Systems by 1.2% in the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock valued at $958,000 after purchasing an additional 39 shares during the period. AFT Forsyth & Company Inc. increased its stake in Veeva Systems by 4.2% in the 3rd quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock worth $293,000 after purchasing an additional 40 shares in the last quarter. Private Trust Co. NA raised its holdings in Veeva Systems by 17.1% during the 3rd quarter. Private Trust Co. NA now owns 281 shares of the technology company’s stock worth $84,000 after buying an additional 41 shares during the period. Finally, Keybank National Association OH lifted its stake in Veeva Systems by 1.4% during the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company’s stock valued at $889,000 after buying an additional 42 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 1,000 shares of the firm’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the transaction, the insider owned 23,204 shares in the company, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Trading Up 0.6%

VEEV opened at $182.41 on Friday. The stock has a fifty day moving average price of $211.84 and a 200 day moving average price of $254.82. Veeva Systems Inc. has a 1 year low of $168.13 and a 1 year high of $310.50. The stock has a market cap of $29.98 billion, a price-to-earnings ratio of 35.49, a PEG ratio of 1.25 and a beta of 1.08.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.09. The company had revenue of $0.81 million during the quarter, compared to the consensus estimate of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the business earned $1.75 EPS. As a group, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its Board of Directors has authorized a share buyback plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. KeyCorp reissued a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. Wall Street Zen lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Wells Fargo & Company lowered their price objective on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 25th. The Goldman Sachs Group started coverage on shares of Veeva Systems in a research note on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price on the stock. Finally, BMO Capital Markets started coverage on Veeva Systems in a research report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 target price for the company. Eighteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $307.33.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.