North Star Asset Management Inc. Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• North Star Asset Management Inc. increased its holdings in Veeva Systems Inc. by 3.0%, acquiring an additional 3,472 shares, bringing their total ownership to 117,580 shares.
• Multiple hedge funds have recently modified their positions in Veeva, with 88.20% of the company's stock now owned by institutional investors.
• Analysts have raised their price targets for Veeva Systems, with Wells Fargo and Raymond James upping their estimates to $300.00 and $310.00, respectively, indicating positive performance expectations.

North Star Asset Management Inc. boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 117,580 shares of the technology company's stock after acquiring an additional 3,472 shares during the period. Veeva Systems accounts for approximately 1.2% of North Star Asset Management Inc.'s holdings, making the stock its 24th biggest holding. North Star Asset Management Inc. owned 0.07% of Veeva Systems worth $27,235,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Johnson Financial Group Inc. raised its holdings in Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after purchasing an additional 44 shares in the last quarter. Marks Group Wealth Management Inc increased its stake in shares of Veeva Systems by 3.3% in the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after acquiring an additional 46 shares in the last quarter. Colonial Trust Co SC lifted its position in Veeva Systems by 30.3% during the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after acquiring an additional 56 shares during the period. CoreCap Advisors LLC boosted its stake in Veeva Systems by 31.7% during the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after acquiring an additional 60 shares in the last quarter. Finally, Crestwood Advisors Group LLC grew its holdings in Veeva Systems by 3.7% in the first quarter. Crestwood Advisors Group LLC now owns 1,690 shares of the technology company's stock worth $391,000 after purchasing an additional 61 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In related 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 transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Priscilla Hung sold 172 shares of the business's 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 directly owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last 90 days. 10.30% of the stock is currently owned by insiders.

Veeva Systems Trading Down 1.1%

VEEV stock traded down $3.15 during trading on Friday, reaching $281.05. The stock had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. The firm has a market cap of $45.93 billion, a PE ratio of 59.54, a PEG ratio of 2.25 and a beta of 0.95. The stock's 50 day moving average is $279.05 and its two-hundred day moving average is $246.25. 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 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 firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.50 EPS. On average, research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Barclays 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. Raymond James Financial lifted their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Mizuho increased their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Truist Financial lifted their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Finally, Piper Sandler increased their price objective 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.