CX Institutional Acquires Shares of 1,331 Veeva Systems Inc. (NYSE:VEEV)

CX Institutional acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,331 shares of the technology company's stock, valued at approximately $308,000.

A number of other hedge funds have also bought and sold shares of the company. Centricity Wealth Management LLC bought a new position in shares of Veeva Systems in the fourth quarter worth about $25,000. Smithfield Trust Co grew its holdings in shares of Veeva Systems by 145.5% in the fourth 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 last quarter. Venturi Wealth Management LLC grew its holdings in shares of Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares during the last quarter. Promus Capital LLC bought a new position in shares of Veeva Systems in the fourth quarter worth about $36,000. Finally, Itau Unibanco Holding S.A. grew its holdings in shares of 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 during the last quarter. Institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. UBS Group upped their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Mizuho raised their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Robert W. Baird raised their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Finally, KeyCorp reduced their price target on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $269.80.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $281.82 on Friday. The business has a 50-day moving average of $242.24 and a 200-day moving average of $232.35. The company has a market capitalization of $45.85 billion, a PE ratio of 69.59, a P/E/G ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 1-year low of $176.41 and a 1-year 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 the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the company posted $1.50 earnings per share. The company's quarterly revenue was up 16.7% compared to the same quarter last year. On average, equities analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,184 shares of company stock worth $1,376,179. Corporate 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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