Earned Wealth Advisors LLC Makes New $208,000 Investment in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Earned Wealth Advisors LLC acquired 900 shares of Veeva Systems Inc. valued at approximately $208,000 in Q1, according to their latest SEC filing.
• Veeva Systems reported a quarterly earnings per share (EPS) of $1.97, surpassing analysts' expectations of $1.74, and a revenue of $759.04 million, which was higher than anticipated.
• Several analysts have raised their price targets for Veeva shares, with Needham & Company increasing its projection from $270 to $300, indicating a generally favorable outlook for the company's stock.

Earned Wealth Advisors LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 900 shares of the technology company's stock, valued at approximately $208,000.

A number of other hedge funds have also modified their holdings of the company. Blair William & Co. IL raised its position in Veeva Systems by 6.8% during the 1st quarter. Blair William & Co. IL now owns 1,298,921 shares of the technology company's stock worth $300,869,000 after buying an additional 82,690 shares during the last quarter. Argent Trust Co increased its holdings in shares of Veeva Systems by 5.6% during the 1st quarter. Argent Trust Co now owns 5,835 shares of the technology company's stock valued at $1,352,000 after purchasing an additional 311 shares in the last quarter. Scotia Capital Inc. increased its holdings in shares of Veeva Systems by 5.8% during the 1st quarter. Scotia Capital Inc. now owns 14,723 shares of the technology company's stock valued at $3,410,000 after purchasing an additional 804 shares in the last quarter. J. Safra Sarasin Holding AG grew its stake in Veeva Systems by 191.3% in the 1st quarter. J. Safra Sarasin Holding AG now owns 14,203 shares of the technology company's stock valued at $3,290,000 after acquiring an additional 9,328 shares during the period. Finally, Bank of Nova Scotia grew its stake in Veeva Systems by 7.2% in the 1st quarter. Bank of Nova Scotia now owns 4,060 shares of the technology company's stock valued at $940,000 after acquiring an additional 273 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Up 0.3%

Shares of Veeva Systems stock traded up $0.79 during trading hours on Wednesday, reaching $282.25. The stock had a trading volume of 778,546 shares, compared to its average volume of 1,243,365. The stock's 50 day moving average is $281.91 and its 200 day moving average is $247.91. The firm has a market capitalization of $46.12 billion, a PE ratio of 59.80, a PEG ratio of 2.23 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $182.21 and a twelve month high of $296.72.

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, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the previous year, the company earned $1.50 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley lifted their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Wells Fargo & Company lifted 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. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Mizuho lifted their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the transaction, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 in the last ninety days. 10.30% of the stock is owned by corporate insiders.

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.