Azzad Asset Management Inc. ADV Invests $7.19 Million in Veeva Systems Inc. (NYSE:VEEV)

Azzad Asset Management Inc. ADV bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 31,047 shares of the technology company's stock, valued at approximately $7,191,000. Veeva Systems comprises about 0.8% of Azzad Asset Management Inc. ADV's holdings, making the stock its 12th biggest holding.

Other institutional investors have also recently bought and sold shares of the company. NorthCrest Asset Manangement LLC raised its holdings in Veeva Systems by 2.5% during the first quarter. NorthCrest Asset Manangement LLC now owns 50,022 shares of the technology company's stock worth $11,587,000 after acquiring an additional 1,241 shares in the last quarter. Liberty Capital Management Inc. increased its position in shares of Veeva Systems by 11.8% during the 1st quarter. Liberty Capital Management Inc. now owns 6,579 shares of the technology company's stock worth $1,524,000 after purchasing an additional 695 shares during the last quarter. Thomasville National Bank raised its stake in shares of Veeva Systems by 2.0% during the 1st quarter. Thomasville National Bank now owns 84,586 shares of the technology company's stock worth $19,593,000 after purchasing an additional 1,625 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Veeva Systems by 5.0% during the 1st quarter. Fifth Third Bancorp now owns 8,970 shares of the technology company's stock worth $2,078,000 after purchasing an additional 429 shares in the last quarter. Finally, Alhambra Investment Management LLC boosted its holdings in shares of Veeva Systems by 23.3% in the 1st quarter. Alhambra Investment Management LLC now owns 1,521 shares of the technology company's stock valued at $352,000 after buying an additional 287 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

VEEV has been the topic of a number of recent analyst reports. UBS Group boosted their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Wells Fargo & Company boosted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Citigroup upped their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Finally, Truist Financial upped their price objective on Veeva Systems from $217.00 to $230.00 and gave the company 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 assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $269.80.

Veeva Systems Price Performance

NYSE:VEEV traded down $0.34 during trading hours on Friday, reaching $281.82. 1,268,625 shares of the company were exchanged, compared to its average volume of 1,144,866. The business has a 50 day moving average of $242.24 and a 200 day moving average of $232.31. Veeva Systems Inc. has a 1-year low of $176.41 and a 1-year high of $291.69. The company has a market capitalization of $45.85 billion, a P/E ratio of 69.59, a P/E/G ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the firm posted $1.50 EPS. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. This trade represents a 41.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is currently owned by corporate insiders.

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.