Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. raised its stake in Veeva Systems Inc. by 2.2%, acquiring an additional 315,421 shares, bringing its total holdings to 14,760,566 shares.
• Veeva Systems reported a quarterly earnings per share (EPS) of $1.97, surpassing expectations, and achieved revenue of $759.04 million, a 16.7% increase year-over-year.
• Analysts have given Veeva Systems an average rating of "Moderate Buy" with target prices ranging from $274.17 to $325.00, with several firms boosting their price objectives recently.

Vanguard Group Inc. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 14,760,566 shares of the technology company's stock after acquiring an additional 315,421 shares during the quarter. Vanguard Group Inc. owned 9.07% of Veeva Systems worth $3,418,990,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new stake in shares of Veeva Systems during the first quarter worth $274,000. Crossmark Global Holdings Inc. acquired a new position in Veeva Systems during the first quarter worth $299,000. Janney Montgomery Scott LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $5,876,000. GAMMA Investing LLC grew its stake in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after acquiring an additional 221 shares in the last quarter. Finally, Private Trust Co. NA grew its holdings in shares of Veeva Systems by 35.0% during the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 0.6%

Veeva Systems stock traded down $1.72 during mid-day trading on Tuesday, hitting $275.24. The company's stock had a trading volume of 1,267,639 shares, compared to its average volume of 1,315,432. The firm has a market capitalization of $44.98 billion, a PE ratio of 58.31, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. Veeva Systems Inc. has a 1 year low of $185.51 and a 1 year high of $296.72. The stock's fifty day moving average is $282.91 and its two-hundred day moving average is $249.69.

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

Insiders Place Their Bets

In other news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 in the last ninety days. Insiders own 10.30% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VEEV. UBS Group raised their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Mizuho increased 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. Stifel Nicolaus upped their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Morgan Stanley upped their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC raised their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.