Koss Olinger Consulting LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Koss Olinger Consulting LLC has invested approximately $2.06 million in Veeva Systems by acquiring 8,902 shares in the first quarter of this year.
• Veeva Systems reported a net margin of 27.34% and revenue of $759.04 million for the last quarter, outperforming analysts' expectations.
• Analysts have raised their price targets for Veeva Systems, with Needham & Company increasing theirs from $270 to $300 and Barclays also setting a target of $300.

Koss Olinger Consulting LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,902 shares of the technology company's stock, valued at approximately $2,062,000.

A number of other institutional investors and hedge funds have also made changes to their positions in VEEV. Sowell Financial Services LLC bought a new position in Veeva Systems in the 1st quarter worth about $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the 1st quarter worth about $299,000. Janney Montgomery Scott LLC bought a new position in Veeva Systems in the 1st quarter worth about $5,876,000. GAMMA Investing LLC grew its position in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after purchasing an additional 221 shares during the last quarter. Finally, Private Trust Co. NA increased its position in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after acquiring an additional 64 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last quarter. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.6%

NYSE:VEEV traded down $1.72 during trading hours on Tuesday, hitting $275.24. 1,267,645 shares of the stock were exchanged, compared to its average volume of 1,315,498. The company's 50 day moving average is $282.91 and its two-hundred day moving average is $249.69. Veeva Systems Inc. has a twelve month low of $185.51 and a twelve month high of $296.72. The company has a market capitalization of $44.98 billion, a P/E ratio of 58.31, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95.

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 the consensus estimate of $1.74 by $0.23. The company 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 business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.50 EPS. On average, equities research analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. UBS Group raised their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Citigroup raised their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. KeyCorp raised their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Finally, Barclays raised their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Two 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $274.17.

About Veeva Systems

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.