Invesco Ltd. raised its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 178,527 shares of the technology company's stock after purchasing an additional 9,462 shares during the period. Invesco Ltd. owned 0.11% of Veeva Systems worth $41,352,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Sierra Summit Advisors LLC purchased a new position in Veeva Systems during the 1st quarter valued at about $7,959,000. JFG Wealth Management LLC lifted its position in Veeva Systems by 16.4% during the first quarter. JFG Wealth Management LLC now owns 2,366 shares of the technology company's stock valued at $548,000 after buying an additional 334 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after purchasing an additional 225,125 shares in the last quarter. Koss Olinger Consulting LLC bought a new stake in shares of Veeva Systems in the first quarter worth $2,062,000. Finally, NS Partners Ltd increased its stake in shares of Veeva Systems by 1.2% in the first quarter. NS Partners Ltd now owns 70,102 shares of the technology company's stock worth $16,238,000 after buying an additional 865 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
VEEV has been the subject of several analyst reports. Barclays boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Mizuho upped their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Stifel Nicolaus increased their price target on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Needham & Company LLC increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Finally, Morgan Stanley raised their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $274.17.
Read Our Latest Research Report on Veeva Systems
Insider Buying and Selling
In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by company insiders.
Veeva Systems Stock Up 0.8%
Shares of VEEV stock opened at $282.83 on Tuesday. The stock has a 50-day moving average price of $282.25 and a 200 day moving average price of $251.31. The firm has a market cap of $46.22 billion, a price-to-earnings ratio of 59.92, a PEG ratio of 2.22 and a beta of 0.95. Veeva Systems Inc. has a 12 month low of $192.51 and a 12 month high of $296.72.
Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The firm 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 13.96% and a net margin of 27.34%. The company's revenue was up 16.7% on a year-over-year basis. During the same period last year, the company earned $1.50 earnings per share. Sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.
About Veeva Systems
(
Free Report)
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.
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