Veeva Systems Inc. (NYSE:VEEV) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 853.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 45,723 shares of the technology company's stock after acquiring an additional 40,929 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Veeva Systems were worth $10,591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new position in Veeva Systems during the fourth quarter worth approximately $685,355,000. Norges Bank acquired a new position in Veeva Systems during the fourth quarter worth approximately $294,785,000. Stockbridge Partners LLC acquired a new position in Veeva Systems during the fourth quarter worth approximately $137,260,000. Marshall Wace LLP increased its position in Veeva Systems by 413.3% during the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock worth $134,219,000 after buying an additional 514,004 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after buying an additional 447,041 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

VEEV has been the topic of several analyst reports. Piper Sandler lifted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. KeyCorp lifted their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday. Stifel Nicolaus lifted their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Truist Financial lifted their target price on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Finally, JPMorgan Chase & Co. lifted their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Performance

VEEV stock traded up $2.22 during midday trading on Wednesday, hitting $281.54. 223,814 shares of the stock were exchanged, compared to its average volume of 1,167,917. The stock's 50-day moving average price is $267.94 and its 200-day moving average price is $240.44. The stock has a market cap of $46.01 billion, a price-to-earnings ratio of 59.64, a PEG ratio of 2.24 and a beta of 0.98. 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 issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. Veeva Systems's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. Research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

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.