Price T Rowe Associates Inc. MD Increases Stake in Veeva Systems Inc. $VEEV

Key Points

• Price T Rowe Associates Inc. increased its stake in Veeva Systems by 20.9%, owning 3,992,372 shares valued at approximately $924.75 million as of its latest filing.
• Veeva Systems has recently received upgraded price targets from several brokerages, with KeyCorp and Citigroup setting their targets at $325.00 and $329.00 respectively, while the average target price is $274.17.
• The company reported $1.97 EPS for the last quarter, exceeding expectations, with revenue of $759.04 million, reflecting a 16.7% year-over-year growth.

Price T Rowe Associates Inc. MD increased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,992,372 shares of the technology company's stock after buying an additional 689,700 shares during the period. Price T Rowe Associates Inc. MD owned 2.45% of Veeva Systems worth $924,754,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Abound Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth about $26,000. Golden State Wealth Management LLC lifted its position in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC bought a new stake in Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc increased its stake in shares of Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction 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 completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. 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 the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the sale, the director owned 4,137 shares in the company, valued at $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. Insiders have sold 1,378 shares of company stock valued at $394,217 over the last quarter. 10.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on VEEV shares. Citigroup raised their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus raised their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. KeyCorp raised 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. Wells Fargo & Company upped their price objective 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, Morgan Stanley boosted their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research note on Thursday, May 29th. Fourteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $8.75 during trading on Friday, hitting $291.03. The company's stock had a trading volume of 961,444 shares, compared to its average volume of 1,068,036. The firm has a market cap of $47.56 billion, a price-to-earnings ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95. The company has a 50-day moving average of $282.35 and a 200-day moving average of $252.69. Veeva Systems Inc. has a 12 month low of $196.10 and a 12 month high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 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 business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period in the prior year, the company earned $1.50 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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.