Veeva Systems Inc. (NYSE:VEEV) Shares Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 31.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,600 shares of the technology company's stock after purchasing an additional 16,800 shares during the period. KLP Kapitalforvaltning AS's holdings in Veeva Systems were worth $16,353,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems during the 4th quarter worth approximately $685,355,000. Norges Bank acquired a new position in Veeva Systems in the 4th quarter valued at about $294,785,000. Stockbridge Partners LLC acquired a new position in Veeva Systems in the 4th quarter valued at about $137,260,000. Marshall Wace LLP raised its position in shares of Veeva Systems by 413.3% during the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after buying an additional 514,004 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $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.

Veeva Systems Stock Performance

VEEV traded down $0.52 during trading on Friday, reaching $290.73. The company's stock had a trading volume of 1,210,059 shares, compared to its average volume of 1,330,303. The company's fifty day moving average price is $274.08 and its 200-day moving average price is $243.73. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $294.00. The company has a market capitalization of $47.51 billion, a price-to-earnings ratio of 61.60, a price-to-earnings-growth ratio of 2.27 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted 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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the firm earned $1.50 EPS. The company's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

VEEV has been the topic of several analyst reports. KeyCorp lifted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Needham & Company LLC boosted 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. Stifel Nicolaus boosted their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Wells Fargo & Company boosted their target price on 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 boosted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.