Edgestream Partners L.P. Takes $4.56 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Edgestream Partners L.P. acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 19,701 shares of the technology company's stock, valued at approximately $4,563,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Johnson Financial Group Inc. increased its stake in 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 purchasing an additional 44 shares during the period. Marks Group Wealth Management Inc boosted its holdings in Veeva Systems by 3.3% during the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after buying an additional 46 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Veeva Systems by 30.3% during the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares in the last quarter. Twin City Private Wealth LLC boosted its holdings in Veeva Systems by 2.9% during the fourth quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after buying an additional 58 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

NYSE VEEV traded up $3.51 during trading hours on Friday, hitting $279.97. The company had a trading volume of 313,759 shares, compared to its average volume of 1,316,380. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $291.69. The firm has a 50 day simple moving average of $269.57 and a 200 day simple moving average of $241.18. The firm has a market capitalization of $45.75 billion, a price-to-earnings ratio of 59.33, a PEG ratio of 2.24 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its 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 return on equity of 13.96% and a net margin of 27.34%. The business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same quarter last year, the company earned $1.50 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Raymond James Financial upped their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Needham & Company LLC increased their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. KeyCorp raised their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Finally, Stifel Nicolaus raised their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. 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 stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Insider Activity

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on 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 directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value 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. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

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.