Veeva Systems Inc. (NYSE:VEEV) Shares Purchased by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Veeva Systems Inc. by 171.0%, now owning 6,545 shares valued at $1.46 million as of its latest SEC filing.
• Several analysts have boosted their price targets for Veeva Systems, with recommendations ranging from "buy" to "hold," reflecting a consensus rating of "Moderate Buy" with an average price target of $274.17.
• Veeva Systems reported a 16.7% increase in quarterly revenue, reaching $759.04 million, alongside an EPS of $1.97, surpassing analysts' expectations by $0.23.

Harvest Fund Management Co. Ltd boosted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 171.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,545 shares of the technology company's stock after purchasing an additional 4,130 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Veeva Systems were worth $1,464,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at $685,355,000. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems in the fourth quarter valued at about $137,260,000. Marshall Wace LLP boosted its stake in shares of Veeva Systems by 413.3% during the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock worth $134,219,000 after buying an additional 514,004 shares during the period. GAMMA Investing LLC grew its holdings in shares of Veeva Systems by 26,258.4% during the first quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after buying an additional 420,659 shares during the last quarter. Finally, Linonia Partnership LP increased its position in Veeva Systems by 42.1% in the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after acquiring an additional 356,300 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

NYSE:VEEV traded down $3.15 during mid-day trading on Friday, reaching $281.05. The company's stock had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. The stock has a market cap of $45.93 billion, a P/E ratio of 59.54, a P/E/G ratio of 2.25 and a beta of 0.95. The company's fifty day simple moving average is $279.05 and its two-hundred day simple moving average is $246.25. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $296.72.

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

Insider Transactions at Veeva Systems

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 shares were sold at an average price of $289.72, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last ninety days. Insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VEEV shares. Needham & Company LLC boosted their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Citigroup upped their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Wells Fargo & Company increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Finally, Piper Sandler upped their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.