Sierra Summit Advisors LLC Makes New $7.96 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Sierra Summit Advisors LLC purchased 34,360 shares of Veeva Systems Inc. (NYSE:VEEV), valued at approximately $7.96 million, making it the firm's 22nd largest holding.
• Veeva Systems reported earnings of $1.97 EPS for the latest quarter, exceeding estimates and achieving a revenue of $759.04 million, a 16.7% increase year-over-year.
• Analysts have given Veeva Systems a consensus rating of "Moderate Buy" with a target price averaging $274.17, as more than 88% of shares are held by institutional investors.

Sierra Summit Advisors LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 34,360 shares of the technology company's stock, valued at approximately $7,959,000. Veeva Systems makes up about 1.7% of Sierra Summit Advisors LLC's investment portfolio, making the stock its 22nd biggest position.

Several other large investors have also bought and sold shares of the business. Abound Financial LLC bought a new position in shares of Veeva Systems during the first quarter worth about $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the first quarter worth $26,000. Golden State Wealth Management LLC boosted its position in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the first quarter valued at $32,000. Finally, Key Financial Inc raised its stake in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

VEEV has been the topic of a number of research analyst reports. Citigroup upped their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Raymond James Financial increased their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Wells Fargo & Company lifted their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. UBS Group lifted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Finally, Stifel Nicolaus boosted their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Trading Down 1.7%

Shares of VEEV stock traded down $4.79 during trading hours on Monday, reaching $277.35. 780,773 shares of the company's stock were exchanged, compared to its average volume of 1,211,075. The stock's 50 day moving average is $282.91 and its 200-day moving average is $249.69. Veeva Systems Inc. has a fifty-two week low of $184.39 and a fifty-two week high of $296.72. The company has a market cap of $45.32 billion, a price-to-earnings ratio of 58.76, a P/E/G ratio of 2.23 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $1.50 EPS. Equities analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last ninety days. Company insiders own 10.30% of the company's stock.

Veeva Systems Profile

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.