Principal Financial Group Inc. Raises Position in Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. grew its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,152,357 shares of the technology company's stock after purchasing an additional 188,332 shares during the period. Principal Financial Group Inc. owned approximately 1.94% of Veeva Systems worth $730,181,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Johnson Financial Group Inc. increased its position in shares of Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after purchasing an additional 44 shares during the last quarter. Colonial Trust Co SC increased its holdings in Veeva Systems by 30.3% during the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares during the last quarter. Twin City Private Wealth LLC raised its position in Veeva Systems by 2.9% during the fourth quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company's stock worth $428,000 after acquiring an additional 58 shares in the last quarter. CoreCap Advisors LLC lifted its stake in Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after acquiring an additional 60 shares during the last quarter. Finally, True Wealth Design LLC grew its position in shares of Veeva Systems by 46.0% in the 4th quarter. True Wealth Design LLC now owns 203 shares of the technology company's stock valued at $43,000 after acquiring an additional 64 shares during the period. 88.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider directly owned 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders own 10.30% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of several recent analyst reports. UBS Group raised their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Mizuho lifted 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. Raymond James Financial increased their price target on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. KeyCorp reduced their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Veeva Systems Stock Performance

Shares of VEEV traded down $5.39 during mid-day trading on Friday, reaching $277.23. 764,120 shares of the company were exchanged, compared to its average volume of 1,159,576. The business has a 50 day simple moving average of $260.22 and a two-hundred day simple moving average of $236.98. The stock has a market capitalization of $45.30 billion, a PE ratio of 58.73, a PEG ratio of 2.24 and a beta of 0.98. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week 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 analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the previous year, the business earned $1.50 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. On average, analysts predict that Veeva Systems Inc. will post 4.35 EPS 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.