Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Grows Stake in Veeva Systems Inc. (NYSE:VEEV)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 574,158 shares of the technology company's stock after purchasing an additional 45,590 shares during the period. Veeva Systems accounts for 1.2% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's investment portfolio, making the stock its 26th biggest holding. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned approximately 0.35% of Veeva Systems worth $126,619,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. ORG Partners LLC bought a new stake in Veeva Systems in the 1st quarter valued at about $26,000. Golden State Wealth Management LLC raised its position in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Smithfield Trust Co lifted its stake in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares in the last quarter. Promus Capital LLC bought a new position in Veeva Systems in the 4th quarter worth approximately $36,000. Finally, Itau Unibanco Holding S.A. grew its stake in Veeva Systems by 389.2% in the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock valued at $38,000 after buying an additional 144 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now owns 5,500 shares in the company, valued at $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 SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock valued at $1,376,179 over the last three months. 10.30% of the stock is owned by company insiders.

Veeva Systems Trading Up 0.7%

NYSE:VEEV opened at $281.40 on Friday. The business's 50-day moving average is $253.76 and its 200 day moving average is $235.27. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69. The company has a market capitalization of $45.98 billion, a P/E ratio of 59.62, a P/E/G ratio of 2.18 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Robert W. Baird increased their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. 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. Stephens restated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. 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 report on Thursday, May 29th. Finally, Raymond James Financial raised their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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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