Royal Bank of Canada Purchases 129,876 Shares of Veeva Systems Inc. $VEEV

Key Points

• The Royal Bank of Canada increased its stake in Veeva Systems Inc. by 20.7%, owning a total of 758,597 shares valued at approximately $175.7 million by the end of the last quarter.
• A number of analysts project growth for Veeva Systems, with price targets raised; Barclays increased their target from $300 to $325, while Citigroup raised theirs to $349, maintaining a general "Moderate Buy" consensus rating.
• The stock's performance is currently down by 1.3%, with shares opening at $268.85 and a market cap of $43.93 billion.

Royal Bank of Canada raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 758,597 shares of the technology company's stock after acquiring an additional 129,876 shares during the quarter. Royal Bank of Canada owned approximately 0.47% of Veeva Systems worth $175,713,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Veeva Systems by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after purchasing an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after purchasing an additional 689,700 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth approximately $685,355,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Veeva Systems by 7.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after purchasing an additional 225,125 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VEEV shares. Barclays boosted their price target on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Morgan Stanley boosted their price target on Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a research report on Thursday, August 28th. Raymond James Financial reissued an "outperform" rating and issued a $340.00 price target (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. KeyCorp boosted their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, Citigroup boosted their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Stock Down 1.3%

Shares of NYSE VEEV opened at $268.85 on Tuesday. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The firm has a market cap of $43.93 billion, a P/E ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95. The company has a 50 day moving average of $282.16 and a 200 day moving average of $254.56.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the sale, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 in the last three months. Insiders own 10.30% of the company's stock.

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.

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