Mirae Asset Global Investments Co. Ltd. Buys 2,571 Shares of Veeva Systems Inc. (NYSE:VEEV)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 394.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 3,222 shares of the technology company's stock after purchasing an additional 2,571 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Veeva Systems were worth $755,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems during the fourth quarter valued at about $685,355,000. Norges Bank purchased a new stake in Veeva Systems during the 4th quarter valued at about $294,785,000. Wealthfront Advisers LLC grew its position in Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after purchasing an additional 1,045,188 shares during the last quarter. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth $137,260,000. Finally, Marshall Wace LLP lifted its stake in Veeva Systems by 413.3% during the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after acquiring an additional 514,004 shares during the period. Institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm'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 value of $265,164.00. Following the transaction, the insider owned 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

Veeva Systems stock opened at $277.23 on Friday. The company has a market cap of $45.30 billion, a PE ratio of 58.73, a PEG ratio of 2.25 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69. The business's 50-day simple moving average is $261.22 and its two-hundred day simple moving average is $237.44.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted 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 firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the firm earned $1.50 EPS. The business's quarterly revenue was up 16.7% on a year-over-year basis. As a group, analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Stifel Nicolaus upped their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. UBS Group raised their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Raymond James Financial increased their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Finally, Citigroup lifted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.