Kentucky Retirement Systems Insurance Trust Fund Acquires Shares of 4,289 Veeva Systems Inc. (NYSE:VEEV)

Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,289 shares of the technology company's stock, valued at approximately $993,000.

Other hedge funds also recently bought and sold shares of the company. ORG Partners LLC purchased a new stake in shares of Veeva Systems in the first quarter worth approximately $26,000. Smithfield Trust Co lifted its position in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares in the last quarter. Venturi Wealth Management LLC lifted its position in shares of Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares in the last quarter. Promus Capital LLC purchased a new stake in shares of Veeva Systems in the fourth quarter worth approximately $36,000. Finally, Itau Unibanco Holding S.A. lifted its position in shares of Veeva Systems by 389.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after purchasing an additional 144 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on VEEV shares. Citigroup increased their price target 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. Truist Financial increased their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Piper Sandler increased their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" 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 stock a "buy" rating in a report on Thursday, May 29th. Finally, Scotiabank increased their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Two 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 MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.80.

Insider Activity

In other news, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company's stock, valued at approximately $1,192,565. This represents a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is owned by company insiders.

Veeva Systems Stock Down 0.0%

Shares of VEEV stock opened at $279.97 on Tuesday. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69. The company has a market cap of $45.75 billion, a PE ratio of 59.32, a price-to-earnings-growth ratio of 2.20 and a beta of 0.99. The business's 50 day moving average is $250.09 and its two-hundred day moving average is $234.39.

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

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