Allspring Global Investments Holdings LLC Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Allspring Global Investments Holdings LLC raised its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 79,249 shares of the technology company's stock after purchasing an additional 1,140 shares during the period. Allspring Global Investments Holdings LLC's holdings in Veeva Systems were worth $18,061,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Veeva Systems by 394.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,222 shares of the technology company's stock valued at $755,000 after acquiring an additional 2,571 shares during the last quarter. Achmea Investment Management B.V. grew its position in shares of Veeva Systems by 39.7% in the first quarter. Achmea Investment Management B.V. now owns 15,012 shares of the technology company's stock valued at $3,477,000 after purchasing an additional 4,265 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in shares of Veeva Systems by 8.6% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 574,158 shares of the technology company's stock valued at $126,619,000 after purchasing an additional 45,590 shares during the last quarter. Perpetual Ltd purchased a new position in shares of Veeva Systems during the 1st quarter worth approximately $4,056,000. Finally, PDS Planning Inc acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $207,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Down 1.9%

Shares of VEEV stock traded down $5.39 on Friday, reaching $277.23. 764,120 shares of the stock were exchanged, compared to its average volume of 1,159,576. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69. The stock has a market cap of $45.30 billion, a P/E ratio of 58.73, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. The firm has a 50 day moving average of $261.22 and a two-hundred day moving average of $237.33.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company's revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.50 EPS. On average, equities research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have commented on VEEV. Stifel Nicolaus increased their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Barclays lifted their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Finally, Stephens reaffirmed an "overweight" rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $269.80.

Veeva Systems Company 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.