Mesirow Financial Investment Management Inc. acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,177 shares of the technology company's stock, valued at approximately $273,000.
A number of other hedge funds also recently made changes to their positions in the business. Arkadios Wealth Advisors increased its stake in Veeva Systems by 6.2% during the 1st quarter. Arkadios Wealth Advisors now owns 3,305 shares of the technology company's stock worth $766,000 after acquiring an additional 193 shares during the period. Harvest Fund Management Co. Ltd lifted its stake in shares of Veeva Systems by 171.0% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 6,545 shares of the technology company's stock valued at $1,464,000 after purchasing an additional 4,130 shares during the period. First Foundation Advisors lifted its stake in shares of Veeva Systems by 8.5% in the 1st quarter. First Foundation Advisors now owns 24,532 shares of the technology company's stock valued at $5,682,000 after purchasing an additional 1,924 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Veeva Systems in the 1st quarter valued at about $2,553,000. Finally, GSA Capital Partners LLP acquired a new position in Veeva Systems during the 1st quarter worth approximately $535,000. 88.20% of the stock is owned by institutional investors and hedge funds.
Veeva Systems Stock Down 1.1%
NYSE:VEEV traded down $3.15 during mid-day trading on Friday, hitting $281.05. 996,717 shares of the stock traded hands, compared to its average volume of 1,295,945. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 2.23 and a beta of 0.95. The firm's 50 day moving average is $280.01 and its two-hundred day moving average is $247.20. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $296.72.
Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results 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 net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the firm earned $1.50 earnings per share. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. As a group, research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Truist Financial increased their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Wells Fargo & Company lifted their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Piper Sandler raised their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Citigroup lifted their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $274.17.
Check Out Our Latest Stock Analysis on Veeva Systems
Insider Buying and Selling
In other news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 over the last 90 days. Insiders own 10.30% of the company's stock.
Veeva Systems Company Profile
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Free Report)
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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