Smith Group Asset Management LLC Buys 4,387 Shares of Veeva Systems Inc. (NYSE:VEEV)

Smith Group Asset Management LLC raised its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,954 shares of the technology company's stock after purchasing an additional 4,387 shares during the quarter. Smith Group Asset Management LLC owned 0.05% of Veeva Systems worth $20,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. ORG Partners LLC purchased a new stake in Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares in the last quarter. Smithfield Trust Co grew its holdings in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. Promus Capital LLC purchased a new position in Veeva Systems in the 4th quarter valued at approximately $36,000. Finally, Itau Unibanco Holding S.A. raised its holdings in Veeva Systems by 389.2% during the fourth quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company's stock worth $38,000 after purchasing an additional 144 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 Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,184 shares of company stock worth $1,376,179 in the last 90 days. 10.30% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.7%

VEEV traded down $5.03 during trading on Tuesday, reaching $282.95. 1,470,913 shares of the company's stock were exchanged, compared to its average volume of 1,155,936. The company has a market capitalization of $46.24 billion, a P/E ratio of 59.95, a PEG ratio of 2.24 and a beta of 0.99. The business has a 50 day moving average price of $256.65 and a 200 day moving average price of $235.97. 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 posted its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 earnings per share. As a group, research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. UBS Group upped their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Wells Fargo & Company increased their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC lifted their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Citigroup increased 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. Finally, Stephens restated an "overweight" rating and set a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

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.