TD Asset Management Inc Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• TD Asset Management Inc increased its stake in Veeva Systems by 10.6% during the first quarter, owning approximately $115.97 million worth of shares.
• Wall Street analysts have raised their price targets for Veeva Systems, with Citigroup increasing its target from $265.00 to $329.00 and the consensus rating being a "Moderate Buy."
• Veeva Systems reported a strong quarterly performance with earnings of $1.97 EPS and revenue of $759.04 million, exceeding analyst expectations.

TD Asset Management Inc lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 500,646 shares of the technology company's stock after purchasing an additional 48,093 shares during the quarter. TD Asset Management Inc owned 0.31% of Veeva Systems worth $115,965,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Johnson Financial Group Inc. boosted its stake in Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after acquiring an additional 44 shares during the last quarter. Marks Group Wealth Management Inc lifted its position in Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after acquiring an additional 46 shares during the period. Colonial Trust Co SC raised its holdings in Veeva Systems by 30.3% in the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Veeva Systems by 31.7% during the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares during the last quarter. Finally, Crestwood Advisors Group LLC grew its position in Veeva Systems by 3.7% during the first quarter. Crestwood Advisors Group LLC now owns 1,690 shares of the technology company's stock valued at $391,000 after buying an additional 61 shares during the period. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Up 0.8%

Veeva Systems stock traded up $2.36 during midday trading on Monday, hitting $292.77. 1,452,436 shares of the stock were exchanged, compared to its average volume of 1,331,164. The stock has a market capitalization of $47.84 billion, a price-to-earnings ratio of 62.03, a price-to-earnings-growth ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $295.93. The business's 50-day moving average price is $275.05 and its 200-day moving average price is $244.65.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data 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 return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same period last year, the firm earned $1.50 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction that occurred on 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 owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several recent research reports. Citigroup boosted their target price 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. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Needham & Company LLC upped their price target 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. Mizuho lifted their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Finally, KeyCorp raised their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Two 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

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.