Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 444,943 shares of the technology company's stock after buying an additional 2,865 shares during the period. Veeva Systems accounts for approximately 1.7% of TimesSquare Capital Management LLC's investment portfolio, making the stock its 9th largest holding. TimesSquare Capital Management LLC owned 0.27% of Veeva Systems worth $103,062,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new stake in Veeva Systems during the 1st quarter valued at $274,000. GAMMA Investing LLC increased its holdings in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares during the period. Private Trust Co. NA raised its stake in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Veeva Systems in the first quarter worth about $5,876,000. Finally, Amalgamated Bank grew its position in Veeva Systems by 5.0% in the 1st quarter. Amalgamated Bank now owns 10,949 shares of the technology company's stock valued at $2,536,000 after buying an additional 520 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Citigroup boosted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Morgan Stanley raised their price objective 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. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Piper Sandler increased their price target on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Finally, Mizuho lifted their price target on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. 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.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Trading Down 2.1%

VEEV stock opened at $275.82 on Monday. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $291.69. The firm has a 50-day moving average of $266.10 and a two-hundred day moving average of $239.69. The firm has a market capitalization of $45.07 billion, a PE ratio of 58.44, a P/E/G ratio of 2.19 and a beta of 0.98.

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

Insider Activity

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated 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 sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Company 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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