Legato Capital Management LLC Has $2.85 Million Holdings in Veeva Systems Inc. (NYSE:VEEV)

Legato Capital Management LLC lifted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 115.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,300 shares of the technology company's stock after buying an additional 6,600 shares during the quarter. Legato Capital Management LLC's holdings in Veeva Systems were worth $2,849,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Abound Financial LLC bought a new position in Veeva Systems during the first quarter worth $25,000. ORG Partners LLC bought a new stake in Veeva Systems in the 1st quarter valued at $26,000. Golden State Wealth Management LLC increased its holdings in Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter valued at $32,000. Finally, Key Financial Inc boosted its stake in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 over the last 90 days. Insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VEEV. Wells Fargo & Company upped their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC upped their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Barclays increased their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. UBS Group increased their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research note on Thursday, May 29th. Finally, Piper Sandler increased their target price on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $0.52 during mid-day trading on Friday, reaching $290.73. The company had a trading volume of 1,205,572 shares, compared to its average volume of 1,327,613. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $294.00. The firm has a market cap of $47.51 billion, a price-to-earnings ratio of 61.60, a PEG ratio of 2.27 and a beta of 0.98. The business's 50-day simple moving average is $274.08 and its 200 day simple moving average is $243.73.

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

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.