Allen Capital Group LLC Raises Position in Veeva Systems Inc. (NYSE:VEEV)

Allen Capital Group LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 13.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,737 shares of the technology company's stock after buying an additional 1,617 shares during the quarter. Allen Capital Group LLC's holdings in Veeva Systems were worth $3,182,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Johnson Financial Group Inc. increased its position in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after acquiring an additional 44 shares during the last quarter. Marks Group Wealth Management Inc lifted its position in shares of Veeva Systems by 3.3% in the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after buying an additional 46 shares during the last quarter. Colonial Trust Co SC lifted its stake in shares of Veeva Systems by 30.3% during the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares during the last quarter. Twin City Private Wealth LLC lifted its stake in shares of Veeva Systems by 2.9% during the 4th quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after buying an additional 58 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its stake in shares of Veeva Systems by 31.7% during the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after buying an additional 60 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Up 2.1%

Veeva Systems stock traded up $5.79 during trading hours on Friday, reaching $282.25. 569,024 shares of the company's stock were exchanged, compared to its average volume of 1,318,337. The firm's 50 day simple moving average is $269.57 and its 200 day simple moving average is $241.18. The firm has a market capitalization of $46.12 billion, a PE ratio of 59.79, a PEG ratio of 2.24 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during 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 company's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.50 EPS. Analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on VEEV shares. Raymond James Financial increased their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Morgan Stanley upped their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. 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. JPMorgan Chase & Co. upped their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Finally, Truist Financial upped their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the sale, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 in the last three months. 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.