Perpetual Ltd Makes New $4.06 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Perpetual Ltd purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 17,510 shares of the technology company's stock, valued at approximately $4,056,000.

Several other institutional investors and hedge funds have also made changes to their positions in VEEV. ORG Partners LLC acquired a new stake in Veeva Systems during the 1st quarter worth about $26,000. Smithfield Trust Co raised its stake in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the period. Promus Capital LLC purchased a new stake in Veeva Systems in the fourth quarter valued at approximately $36,000. Finally, Itau Unibanco Holding S.A. boosted its position in Veeva Systems by 389.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock valued at $38,000 after buying an additional 144 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on VEEV shares. Stephens reissued an "overweight" rating and issued a $280.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Raymond James Financial boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Stifel Nicolaus upped their price objective on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Morgan Stanley lifted their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Finally, Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $269.80.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,184 shares of company stock worth $1,376,179. Insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

NYSE VEEV traded up $1.70 during mid-day trading on Friday, hitting $282.89. The stock had a trading volume of 1,780,158 shares, compared to its average volume of 1,154,165. The firm's 50 day moving average is $255.10 and its 200 day moving average is $235.54. The stock has a market capitalization of $46.23 billion, a price-to-earnings ratio of 59.93, a PEG ratio of 2.21 and a beta of 0.99. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million during 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%. Veeva Systems's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.50 EPS. As a group, equities research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.