Merit Financial Group LLC Has $9.31 Million Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Merit Financial Group LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,205 shares of the technology company's stock after acquiring an additional 2,395 shares during the quarter. Merit Financial Group LLC's holdings in Veeva Systems were worth $9,313,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Venturi Wealth Management LLC raised its stake in shares of Veeva Systems by 2,716.7% in 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 during the period. Linonia Partnership LP grew its holdings in shares of Veeva Systems by 42.1% during the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock worth $252,925,000 after buying an additional 356,300 shares in the last quarter. Boston Trust Walden Corp bought a new position in shares of Veeva Systems during the fourth quarter worth about $7,964,000. William Allan Corp raised its position in Veeva Systems by 3.8% in the 4th quarter. William Allan Corp now owns 12,860 shares of the technology company's stock valued at $2,704,000 after buying an additional 474 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after acquiring an additional 1,081,501 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of Veeva Systems 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 transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32% 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, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,869 shares of company stock worth $1,284,917. Insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Veeva Systems stock traded up $6.42 during trading hours on Thursday, hitting $289.99. The company had a trading volume of 1,998,338 shares, compared to its average volume of 1,136,710. The firm has a 50-day moving average of $233.26 and a 200 day moving average of $229.03. The firm has a market cap of $47.18 billion, a PE ratio of 71.60, a PEG ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a one year low of $176.41 and a one year high of $291.56.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced 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. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.50 EPS. As a group, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

VEEV has been the subject of several research reports. Stifel Nicolaus raised their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Raymond James boosted their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Stephens restated an "overweight" rating and issued a $280.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Piper Sandler lifted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. increased their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average price target of $269.80.

Veeva Systems 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.