T. Rowe Price Investment Management Inc. Boosts Holdings in Veeva Systems Inc. $VEEV

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Veeva Systems Inc. by 0.7%, acquiring an additional 34,169 shares, bringing its total ownership to approximately 5.2 million shares.
• Recent analyst upgrades have led to increased target prices for Veeva Systems, with UBS Group raising its target from $250 to $285 and other firms also adjusting upward, contributing to a consensus rating of "Moderate Buy."
• Insider trading activity included Director Priscilla Hung and SVP Jonathan Faddis selling shares, reducing their ownership by 4.13% and 8.35% respectively, indicating some selling pressure from company insiders.

T. Rowe Price Investment Management Inc. grew its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,203,867 shares of the technology company's stock after purchasing an additional 34,169 shares during the quarter. Veeva Systems comprises about 0.8% of T. Rowe Price Investment Management Inc.'s holdings, making the stock its 21st biggest holding. T. Rowe Price Investment Management Inc. owned about 3.20% of Veeva Systems worth $1,205,372,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the 4th quarter worth $685,355,000. Nuveen LLC bought a new position in shares of Veeva Systems in the 1st quarter worth about $365,684,000. Stockbridge Partners LLC bought a new position in shares of Veeva Systems in the 4th quarter worth about $137,260,000. GAMMA Investing LLC increased its stake in shares of Veeva Systems by 26,258.4% in the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after acquiring an additional 420,659 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Veeva Systems by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Up 3.1%

Shares of NYSE VEEV traded up $8.75 during trading on Friday, reaching $291.03. 961,444 shares of the company traded hands, compared to its average volume of 1,080,466. The firm has a 50 day simple moving average of $282.35 and a 200-day simple moving average of $252.59. The stock has a market capitalization of $47.56 billion, a PE ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $196.10 and a 52-week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 EPS. As a group, research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Mizuho increased their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. KeyCorp increased their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Needham & Company LLC increased their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Wells Fargo & Company increased their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Finally, Piper Sandler raised their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Insider Activity

In other news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 in the last 90 days. 10.30% of the stock is currently owned by insiders.

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.