1,000 Shares in Veeva Systems Inc. (NYSE:VEEV) Acquired by Nkcfo LLC

Key Points

• Nkcfo LLC made a new investment of approximately $232,000 in Veeva Systems Inc., acquiring 1,000 shares during the first quarter.
• Analysts have significantly raised target prices for Veeva, with Citigroup increasing its target from $265.00 to $329.00 and multiple firms rating the stock as "buy."
• Veeva Systems reported a quarterly earnings per share of $1.97, surpassing estimates and marking a 16.7% increase in revenue compared to the same quarter last year.

Nkcfo LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,000 shares of the technology company's stock, valued at approximately $232,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its position in shares of Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth about $685,355,000. FMR LLC increased its stake in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after buying an additional 232,116 shares during the period. Principal Financial Group Inc. increased its stake in Veeva Systems by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after buying an additional 188,332 shares during the period. Finally, Geode Capital Management LLC increased its stake in Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock worth $589,208,000 after buying an additional 38,108 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Price Performance

Shares of VEEV stock traded up $1.54 during trading hours on Thursday, reaching $288.44. 557,857 shares of the stock were exchanged, compared to its average volume of 1,327,078. The business's fifty day moving average is $278.08 and its two-hundred day moving average is $245.76. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $296.72. The firm has a market capitalization of $47.13 billion, a P/E ratio of 61.11, a P/E/G ratio of 2.28 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the firm earned $1.50 earnings per share. The business's quarterly revenue was up 16.7% compared to the same quarter last year. As a group, equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Truist Financial raised their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research report on Thursday, May 29th. Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Mizuho boosted their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Morgan Stanley boosted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Finally, KeyCorp boosted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.