Castlekeep Investment Advisors LLC Invests $1.99 Million in Veeva Systems Inc. (NYSE:VEEV)

Castlekeep Investment Advisors LLC acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 9,461 shares of the technology company's stock, valued at approximately $1,989,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its holdings in Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth $685,355,000. FMR LLC grew its stake in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares during the period. JPMorgan Chase & Co. increased its holdings in Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after purchasing an additional 447,041 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after buying an additional 784,741 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Price Performance

NYSE:VEEV traded up $41.68 on Thursday, hitting $276.17. 4,454,755 shares of the company's stock were exchanged, compared to its average volume of 1,134,345. The company has a market cap of $44.93 billion, a P/E ratio of 68.28, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The firm has a 50-day moving average price of $228.89 and a 200-day moving average price of $227.27. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $285.40.

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

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Barclays upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday. Stephens reiterated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Morgan Stanley boosted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday. Finally, KeyCorp dropped their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $257.48.

Insider Activity at Veeva Systems

In related 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 transaction of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is owned by corporate insiders.

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.