Kentucky Retirement Systems Buys New Position in Veeva Systems Inc. (NYSE:VEEV)

Kentucky Retirement Systems purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 10,070 shares of the technology company's stock, valued at approximately $2,333,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. ORG Partners LLC acquired a new stake in shares of Veeva Systems during the 1st quarter worth $26,000. Smithfield Trust Co grew its position in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after acquiring an additional 80 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after purchasing an additional 163 shares in the last quarter. Promus Capital LLC acquired a new stake in shares of Veeva Systems during the fourth quarter valued at about $36,000. Finally, Itau Unibanco Holding S.A. grew its stake in Veeva Systems by 389.2% during the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock valued at $38,000 after purchasing an additional 144 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Down 0.0%

Shares of NYSE:VEEV opened at $279.97 on Tuesday. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The business has a fifty day simple moving average of $250.09 and a 200 day simple moving average of $234.39. The firm has a market cap of $45.75 billion, a price-to-earnings ratio of 59.32, a P/E/G ratio of 2.20 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $728.38 million. During the same quarter last year, the firm earned $1.50 EPS. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity

In related news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction 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 now owns 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,184 shares of company stock valued at $1,376,179 over the last 90 days. 10.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VEEV. Scotiabank lifted their price target on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research note on Thursday, March 6th. KeyCorp reduced their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Barclays upped their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Citigroup upped their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, Wells Fargo & Company increased their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $269.80.

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.

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