Channel Wealth LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Channel Wealth LLC acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 17,621 shares of the technology company's stock, valued at approximately $4,082,000. Veeva Systems comprises about 1.3% of Channel Wealth LLC's holdings, making the stock its 23rd largest position.

Several other large investors have also made changes to their positions in VEEV. Centricity Wealth Management LLC purchased a new stake in Veeva Systems during the fourth quarter worth approximately $25,000. Smithfield Trust Co boosted its position in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares during the period. Avion Wealth boosted its position in Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after purchasing an additional 127 shares during the period. Venturi Wealth Management LLC increased its holdings in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after purchasing an additional 163 shares in the last quarter. Finally, Promus Capital LLC purchased a new position in Veeva Systems in the fourth quarter valued at about $36,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were 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 of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. 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 report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Barclays upped their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. UBS Group lifted their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Finally, Stephens reissued an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Price Performance

VEEV traded down $4.86 during trading hours on Friday, hitting $285.08. 2,087,466 shares of the stock were exchanged, compared to its average volume of 1,138,947. The stock has a market cap of $46.38 billion, a price-to-earnings ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The stock has a 50-day simple moving average of $234.43 and a 200-day simple moving average of $229.56. Veeva Systems Inc. has a 12 month low of $176.41 and a 12 month high of $293.45.

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

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.