Veeva Systems Inc. (NYSE:VEEV) Holdings Boosted by Wendell David Associates Inc.

Wendell David Associates Inc. lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 58.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,869 shares of the technology company's stock after buying an additional 6,556 shares during the period. Wendell David Associates Inc.'s holdings in Veeva Systems were worth $4,139,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. grew its stake in Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after buying an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems during the 4th quarter valued at $685,355,000. FMR LLC lifted its holdings in shares of Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after acquiring an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Down 0.8%

NYSE:VEEV traded down $2.15 during trading hours on Friday, reaching $279.28. 3,112,070 shares of the stock were exchanged, compared to its average volume of 1,153,530. The stock has a market capitalization of $45.64 billion, a P/E ratio of 59.17, a P/E/G ratio of 2.21 and a beta of 0.99. The firm has a 50 day simple moving average of $247.75 and a 200-day simple moving average of $233.83. Veeva Systems Inc. has a 52 week low of $176.56 and a 52 week high of $291.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company 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 was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 earnings per share. As a group, analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on VEEV. Citigroup boosted their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Truist Financial raised their target price on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Robert W. Baird upped their price target on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Stephens reaffirmed an "overweight" rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, Piper Sandler boosted their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at $1,960,701.60. The trade was a 8.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,184 shares of company stock worth $1,376,179. Insiders own 10.30% of the company's stock.

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.