Cerity Partners LLC Increases Holdings in Veeva Systems Inc. (NYSE:VEEV)

Cerity Partners LLC lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,416 shares of the technology company's stock after buying an additional 3,194 shares during the period. Cerity Partners LLC's holdings in Veeva Systems were worth $18,164,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of VEEV. T. Rowe Price Investment Management Inc. increased its stake in Veeva Systems by 3.5% in 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 purchasing an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the 4th quarter worth approximately $685,355,000. FMR LLC increased its stake in Veeva Systems by 7.8% in the 4th 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. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 6.4% during the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after buying an additional 188,332 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after buying an additional 447,041 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Piper Sandler boosted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Raymond James Financial upped their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. JPMorgan Chase & Co. upped their price target 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, Needham & Company LLC upped their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $271.04.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of the 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 approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Down 2.1%

Shares of VEEV opened at $275.82 on Monday. The business has a 50-day simple moving average of $266.10 and a two-hundred day simple moving average of $239.69. The stock has a market cap of $45.07 billion, a price-to-earnings ratio of 58.44, a PEG ratio of 2.19 and a beta of 0.98. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $291.69.

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, topping analysts' consensus estimates of $1.74 by $0.23. The business 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 13.96% and a net margin of 27.34%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.50 earnings per share. On average, equities analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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.

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