Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,485 shares of the technology company's stock after acquiring an additional 2,821 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Veeva Systems were worth $7,293,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. T. Rowe Price Investment Management Inc. raised its holdings in Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after purchasing an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems during the fourth quarter worth approximately $685,355,000. FMR LLC raised its holdings in Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Veeva Systems by 6.4% during the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after purchasing an additional 188,332 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of 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 acquiring an additional 447,041 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 171 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. The trade was a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last three months. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.3%

Shares of VEEV opened at $281.38 on Tuesday. The company has a 50-day simple moving average of $270.48 and a 200-day simple moving average of $242.11. The company has a market capitalization of $45.98 billion, a PE ratio of 59.61, a P/E/G ratio of 2.24 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69.

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 business had revenue of $759.04 million during 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 revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.50 EPS. On average, research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Mizuho upped their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Citigroup upped their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Barclays upped their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Piper Sandler upped their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.

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