Conway Capital Management Inc. Purchases New Holdings in Veeva Systems Inc. (NYSE:VEEV)

Conway Capital Management Inc. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 905 shares of the technology company's stock, valued at approximately $210,000.

Several other institutional investors also recently modified their holdings of VEEV. Centricity Wealth Management LLC bought a new position in Veeva Systems in the fourth quarter worth $25,000. Smithfield Trust Co lifted its holdings in shares of 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 acquiring an additional 80 shares during the period. Venturi Wealth Management LLC boosted its position in shares of Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after acquiring an additional 163 shares in the last quarter. Promus Capital LLC bought a new stake in Veeva Systems in the fourth quarter valued at about $36,000. Finally, Itau Unibanco Holding S.A. raised its position in Veeva Systems by 389.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after purchasing an additional 144 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $281.82 on Monday. The stock has a fifty day moving average of $242.24 and a 200-day moving average of $232.39. The stock has a market capitalization of $46.05 billion, a P/E ratio of 69.59, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its 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 company 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 revenue for the quarter was up 16.7% on a year-over-year basis. During the same period last year, the firm earned $1.50 EPS. Equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VEEV. JPMorgan Chase & Co. upped their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Scotiabank increased their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. KeyCorp dropped their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Mizuho increased their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, Raymond James increased their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Insider Transactions 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 transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $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 accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director now owns 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,184 shares of company stock worth $1,376,179 in the last three months. Insiders own 10.30% of the company's stock.

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.

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