Simmons Bank Increases Holdings in Veeva Systems Inc. (NYSE:VEEV)

Simmons Bank lifted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 112.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,052 shares of the technology company's stock after purchasing an additional 5,849 shares during the quarter. Simmons Bank's holdings in Veeva Systems were worth $2,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. lifted its position in Veeva Systems by 3.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock valued at $1,086,930,000 after acquiring an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the 4th quarter valued at approximately $685,355,000. FMR LLC lifted its position in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after acquiring an additional 232,116 shares in the last quarter. Principal Financial Group Inc. lifted its position in Veeva Systems by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after acquiring an additional 188,332 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after acquiring an additional 447,041 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Down 1.9%

VEEV stock traded down $5.39 during trading on Friday, reaching $277.23. The company's stock had a trading volume of 764,120 shares, compared to its average volume of 1,161,246. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The company has a market capitalization of $45.30 billion, a P/E ratio of 59.10, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. The company's fifty day moving average is $261.22 and its 200-day moving average is $237.33.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping 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 firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the company posted $1.50 earnings per share. The business's quarterly revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on VEEV. Barclays upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Morgan Stanley boosted their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research note on Thursday, May 29th. UBS Group boosted 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. Citigroup boosted their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, KeyCorp decreased their target price on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider directly owned 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by corporate insiders.

About Veeva Systems

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.