Martingale Asset Management L P Purchases 2,411 Shares of Veeva Systems Inc. $VEEV

Key Points

• Martingale Asset Management increased its stake in Veeva Systems by 49.8%, owning 7,251 shares valued at approximately $1.68 million by the end of the first quarter.
• Veeva Systems reported earnings of $1.97 per share, surpassing estimates, with revenues of $759.04 million, reflecting a 16.7% year-over-year growth.
• Several analysts have upgraded their price targets for Veeva Systems, with Piper Sandler raising its estimate from $255.00 to $325.00 and Stifel Nicolaus increasing theirs to $295.00.

Martingale Asset Management L P increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 49.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,251 shares of the technology company's stock after purchasing an additional 2,411 shares during the quarter. Martingale Asset Management L P's holdings in Veeva Systems were worth $1,680,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Abound Financial LLC acquired a new position in shares of Veeva Systems in the first quarter worth $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the first quarter valued at about $26,000. Golden State Wealth Management LLC grew its stake in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth $32,000. Finally, Key Financial Inc increased its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 7.2%

VEEV stock traded down $21.08 during trading on Thursday, hitting $272.51. 3,586,733 shares of the stock traded hands, compared to its average volume of 1,318,030. The stock has a market cap of $44.53 billion, a price-to-earnings ratio of 58.28, a P/E/G ratio of 2.27 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The company has a 50 day simple moving average of $282.76 and a 200 day simple moving average of $253.55.

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

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Barclays upped their price target on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday. Canaccord Genuity Group boosted their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday. Oppenheimer restated an "outperform" rating and set a $325.00 price objective on shares of Veeva Systems in a report on Thursday. Mizuho increased their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Finally, BTIG Research lifted their target price on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday. Sixteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $292.23.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

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.