Freedom Investment Management Inc. Invests $245,000 in Veeva Systems Inc. $VEEV

Key Points

• Freedom Investment Management Inc. purchased 1,060 shares of Veeva Systems, valued at approximately $245,000, indicating growing institutional interest in the company.
• Veeva Systems reported strong quarterly earnings, with an EPS of $1.97, beating estimates by $0.23 and reflecting a 16.7% year-over-year revenue increase.
• Research analysts have raised price targets for Veeva Systems, with Citigroup setting a target of $349.00, suggesting a positive outlook for the company's stock performance.

Freedom Investment Management Inc. acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 1,060 shares of the technology company's stock, valued at approximately $245,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. ICONIQ Capital LLC lifted its holdings in Veeva Systems by 11.6% during the 1st quarter. ICONIQ Capital LLC now owns 1,080 shares of the technology company's stock worth $250,000 after buying an additional 112 shares during the period. Jump Financial LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at about $593,000. Smartleaf Asset Management LLC lifted its stake in shares of Veeva Systems by 6.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,093 shares of the technology company's stock valued at $490,000 after purchasing an additional 122 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Veeva Systems by 118.6% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 18,579 shares of the technology company's stock valued at $4,303,000 after buying an additional 10,081 shares in the last quarter. Finally, Groupe la Francaise bought a new stake in Veeva Systems in the 1st quarter valued at about $146,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

VEEV traded up $1.01 during trading on Tuesday, reaching $270.21. The stock had a trading volume of 796,970 shares, compared to its average volume of 1,326,049. The stock has a market cap of $44.16 billion, a PE ratio of 55.46, a PEG ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The business has a 50-day moving average of $282.16 and a 200-day moving average of $254.56.

Analyst Ratings Changes

VEEV has been the subject of a number of research analyst reports. Barclays boosted their target price on Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Needham & Company LLC boosted their target price on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Mizuho boosted their target price on Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday. Raymond James Financial reiterated an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Canaccord Genuity Group upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $299.88.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction 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 owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were 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 in the company, valued at $1,593,460. This trade represents a 5.42% 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 valued at $394,217 over the last 90 days. 10.30% of the stock is owned by insiders.

Veeva Systems 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.