GAMMA Investing LLC Acquires 420,659 Shares of Veeva Systems Inc. (NYSE:VEEV)

GAMMA Investing LLC raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26,258.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 422,261 shares of the technology company's stock after acquiring an additional 420,659 shares during the period. GAMMA Investing LLC owned approximately 0.26% of Veeva Systems worth $97,808,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bath Savings Trust Co lifted its stake in shares of Veeva Systems by 72.2% in the first quarter. Bath Savings Trust Co now owns 30,834 shares of the technology company's stock valued at $7,142,000 after buying an additional 12,931 shares during the period. Versant Capital Management Inc lifted its stake in shares of Veeva Systems by 374.7% in the first quarter. Versant Capital Management Inc now owns 375 shares of the technology company's stock valued at $87,000 after buying an additional 296 shares during the period. Cullen Investment Group LTD. bought a new stake in shares of Veeva Systems in the first quarter valued at about $1,724,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Veeva Systems by 61.3% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 192 shares of the technology company's stock valued at $44,000 after buying an additional 73 shares during the period. Finally, 111 Capital bought a new stake in shares of Veeva Systems in the fourth quarter valued at about $678,000. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on VEEV shares. Stifel Nicolaus increased their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. UBS Group increased their price target 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. Raymond James increased 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. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Stephens reissued an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Trading Up 2.3%

Shares of VEEV stock traded up $6.42 on Thursday, hitting $289.99. The stock had a trading volume of 1,998,338 shares, compared to its average volume of 1,135,144. Veeva Systems Inc. has a twelve month low of $176.41 and a twelve month high of $291.68. The firm has a market cap of $47.18 billion, a P/E ratio of 71.60, a PEG ratio of 1.89 and a beta of 0.96. The company has a fifty day moving average price of $234.43 and a two-hundred day moving average price of $229.56.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the previous year, the business earned $1.50 EPS. The firm's revenue was up 16.7% on a year-over-year basis. On average, analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now directly owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 in the last quarter. Company insiders own 10.30% of the company's stock.

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.