IFM Investors Pty Ltd Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

IFM Investors Pty Ltd grew its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,486 shares of the technology company's stock after purchasing an additional 2,738 shares during the period. IFM Investors Pty Ltd's holdings in Veeva Systems were worth $6,830,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its stake in Veeva Systems by 3.5% in the fourth 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 purchasing an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. FMR LLC grew its holdings in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after buying an additional 232,116 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after purchasing an additional 188,332 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Down 0.6%

NYSE:VEEV traded down $1.55 during trading hours on Tuesday, reaching $279.45. 741,909 shares of the company were exchanged, compared to its average volume of 1,328,822. The stock's 50-day moving average is $262.33 and its 200-day moving average is $237.96. The firm has a market cap of $45.67 billion, a PE ratio of 59.21, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VEEV. KeyCorp dropped their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Wells Fargo & Company boosted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Piper Sandler lifted 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. Finally, Mizuho boosted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Insider Activity

In related news, 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 transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider directly owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by company insiders.

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.