Dock Street Asset Management Inc. Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Dock Street Asset Management Inc. acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,696 shares of the technology company's stock, valued at approximately $856,000.

Several other large investors have also made changes to their positions in the business. Johnson Financial Group Inc. lifted its position in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after acquiring an additional 44 shares in the last quarter. Colonial Trust Co SC grew its holdings in Veeva Systems by 30.3% during the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after buying an additional 56 shares in the last quarter. Twin City Private Wealth LLC increased its stake in Veeva Systems by 2.9% in the 4th quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after acquiring an additional 58 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Veeva Systems by 31.7% during the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after acquiring an additional 60 shares in the last quarter. Finally, True Wealth Design LLC boosted its position in shares of Veeva Systems by 46.0% during the 4th quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock valued at $43,000 after acquiring an additional 64 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider owned 25,889 shares of the company's stock, valued at $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,578 shares of company stock worth $659,381 in the last ninety days. 10.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on VEEV shares. Wells Fargo & Company boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Barclays lifted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Morgan Stanley upped their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. KeyCorp dropped their price target on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, UBS Group upped their price objective on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $271.04.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $275.82 on Friday. The business's 50 day moving average price is $266.10 and its 200-day moving average price is $239.52. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69. The company 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 (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the prior year, the business posted $1.50 earnings per share. The company's revenue for the quarter was up 16.7% on a year-over-year basis. Sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.

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