Hennion & Walsh Asset Management Inc. Purchases 1,655 Shares of Veeva Systems Inc. (NYSE:VEEV)

Hennion & Walsh Asset Management Inc. lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 66.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,162 shares of the technology company's stock after purchasing an additional 1,655 shares during the quarter. Hennion & Walsh Asset Management Inc.'s holdings in Veeva Systems were worth $964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in Veeva Systems during the fourth quarter worth about $25,000. Smithfield Trust Co grew its holdings in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. Avion Wealth grew its holdings in Veeva Systems by 635.0% during the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after acquiring an additional 127 shares during the period. Venturi Wealth Management LLC grew its holdings in Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after acquiring an additional 163 shares during the period. Finally, Promus Capital LLC acquired a new position in Veeva Systems during the fourth quarter worth about $36,000. 88.20% of the stock is currently owned by institutional investors.

Insider Activity

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

Analysts Set New Price Targets

VEEV has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Stephens reaffirmed an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Morgan Stanley lifted their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" 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 stock a "buy" rating in a research note on Friday, May 30th. Finally, Stifel Nicolaus lifted their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Veeva Systems Trading Down 1.7%

NYSE:VEEV traded down $4.86 on Friday, hitting $285.08. 2,087,466 shares of the company's stock traded hands, compared to its average volume of 1,136,285. Veeva Systems Inc. has a 1 year low of $176.41 and a 1 year high of $291.68. The firm has a 50-day moving average price of $235.57 and a 200-day moving average price of $230.21. The company has a market cap of $46.38 billion, a PE ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

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. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The firm's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.50 EPS. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems Company 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.