Victory Capital Management Inc. Buys 2,677 Shares of Veeva Systems Inc. (NYSE:VEEV)

Victory Capital Management Inc. raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,497 shares of the technology company's stock after buying an additional 2,677 shares during the quarter. Victory Capital Management Inc.'s holdings in Veeva Systems were worth $16,561,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in VEEV. Larson Financial Group LLC grew its stake in Veeva Systems by 71.9% in the first quarter. Larson Financial Group LLC now owns 2,984 shares of the technology company's stock valued at $691,000 after purchasing an additional 1,248 shares in the last quarter. PAX Financial Group LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at approximately $1,187,000. Wealthfront Advisers LLC lifted its position in shares of Veeva Systems by 58.7% in the first quarter. Wealthfront Advisers LLC now owns 6,706 shares of the technology company's stock valued at $1,553,000 after buying an additional 2,481 shares during the last quarter. Pinkerton Retirement Specialists LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at approximately $2,865,000. Finally, Dakota Wealth Management lifted its position in shares of Veeva Systems by 5.6% in the first quarter. Dakota Wealth Management now owns 7,391 shares of the technology company's stock valued at $1,712,000 after buying an additional 393 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Stifel Nicolaus lifted their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Needham & Company LLC lifted their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Truist Financial lifted their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. KeyCorp boosted their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Mizuho boosted their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Price Performance

Shares of VEEV traded up $0.17 during trading hours on Friday, hitting $291.42. The stock had a trading volume of 746,272 shares, compared to its average volume of 1,326,803. The company's fifty day moving average is $274.08 and its two-hundred day moving average is $243.73. The stock has a market capitalization of $47.62 billion, a price-to-earnings ratio of 61.74, a P/E/G ratio of 2.27 and a beta of 0.98. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $294.00.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly 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. 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 for the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the company posted $1.50 EPS. Veeva Systems'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 EPS for the current fiscal year.

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.