PAX Financial Group LLC Buys New Holdings in Veeva Systems Inc. (NYSE:VEEV)

PAX Financial Group LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 5,126 shares of the technology company's stock, valued at approximately $1,187,000.

A number of other institutional investors have also added to or reduced their stakes in VEEV. Abound Financial LLC acquired a new stake in Veeva Systems in the 1st quarter valued at about $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at approximately $26,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC bought a new position in shares of Veeva Systems during the 1st quarter worth approximately $32,000. Finally, Key Financial Inc increased its holdings in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on VEEV shares. Raymond James Financial lifted their price objective 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. Wells Fargo & Company upped their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC increased their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. UBS Group boosted their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Stock Down 2.1%

Shares of VEEV stock traded down $5.89 during mid-day trading on Thursday, reaching $276.58. 1,118,971 shares of the stock traded hands, compared to its average volume of 1,170,961. The company has a market cap of $45.20 billion, a price-to-earnings ratio of 58.60, a price-to-earnings-growth ratio of 2.21 and a beta of 0.98. The stock's fifty day simple moving average is $268.83 and its two-hundred day simple moving average is $240.73. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 earnings per share. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

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.