Sowell Financial Services LLC Makes New $274,000 Investment in Veeva Systems Inc. (NYSE:VEEV)

Sowell Financial Services LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,185 shares of the technology company's stock, valued at approximately $274,000.

Several other institutional investors have also recently made changes to their positions in the stock. Janney Montgomery Scott LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $5,876,000. Conway Capital Management Inc. acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $210,000. Capital Investment Services of America Inc. increased its position in shares of Veeva Systems by 0.8% during the 1st quarter. Capital Investment Services of America Inc. now owns 79,737 shares of the technology company's stock worth $18,469,000 after purchasing an additional 663 shares during the last quarter. Azzad Asset Management Inc. ADV acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $7,191,000. Finally, NorthCrest Asset Manangement LLC increased its position in shares of Veeva Systems by 2.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 50,022 shares of the technology company's stock worth $11,587,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity

In related news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

NYSE:VEEV opened at $279.28 on Friday. The stock has a fifty day moving average price of $248.97 and a 200-day moving average price of $234.17. The company has a market cap of $45.64 billion, a price-to-earnings ratio of 59.17, a PEG ratio of 2.20 and a beta of 0.99. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company's revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.50 EPS. Research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VEEV shares. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Truist Financial boosted their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, KeyCorp decreased their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

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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