Empower Advisory Group LLC Purchases 37,846 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Empower Advisory Group LLC has increased its position in Veeva Systems Inc. by 16.7%, owning 264,834 shares valued at approximately $61.34 million.
• Multiple institutional investors are boosting their stakes in Veeva Systems, with T. Rowe Price and Principal Financial Group also increasing their holdings significantly during the 4th quarter and 1st quarter.
• Analysts have raised their target prices for Veeva Systems, with recommendations ranging from "hold" to "overweight," indicating a positive outlook for the company's stock performance.

Empower Advisory Group LLC grew its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 264,834 shares of the technology company's stock after acquiring an additional 37,846 shares during the quarter. Empower Advisory Group LLC owned about 0.16% of Veeva Systems worth $61,343,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of VEEV. Abound Financial LLC acquired a new stake in shares of Veeva Systems during the 1st quarter worth $25,000. ORG Partners LLC acquired a new position in shares of Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC increased its holdings in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Veeva Systems in the first quarter worth about $32,000. Finally, Key Financial Inc raised its holdings in shares of Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after purchasing an additional 95 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction dated Thursday, July 3rd. The shares were 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 of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 in the last ninety days. Insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 0.3%

VEEV stock traded up $0.79 during trading on Wednesday, reaching $282.25. 778,546 shares of the stock were exchanged, compared to its average volume of 1,243,365. Veeva Systems Inc. has a twelve month low of $182.21 and a twelve month high of $296.72. The company has a market capitalization of $46.12 billion, a P/E ratio of 59.80, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. The stock has a 50 day simple moving average of $281.91 and a 200-day simple moving average of $247.91.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm earned $1.50 EPS. Equities analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Piper Sandler boosted their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Citigroup lifted their price target on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Mizuho boosted their price target on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Raymond James Financial increased their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Two 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.