Evanson Asset Management LLC Takes $602,000 Position in Veeva Systems Inc. (NYSE:VEEV)

Evanson Asset Management LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 2,599 shares of the technology company's stock, valued at approximately $602,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems during the fourth quarter worth approximately $685,355,000. FMR LLC raised its holdings in Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after buying an additional 447,041 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after buying an additional 38,108 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on 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 directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. Company insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 0.2%

VEEV opened at $281.24 on Friday. The company has a market cap of $45.96 billion, a price-to-earnings ratio of 59.58, a PEG ratio of 2.21 and a beta of 0.99. Veeva Systems Inc. has a 1-year low of $176.56 and a 1-year high of $291.69. The company's fifty day moving average price is $247.75 and its two-hundred day moving average price is $233.83.

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 return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same period in the previous year, the business posted $1.50 EPS. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, equities analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on VEEV shares. UBS Group upped their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Raymond James Financial increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Mizuho increased their price objective on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Finally, Wells Fargo & Company increased their target price 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

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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