Whalen Wealth Management Inc. Invests $644,000 in Veeva Systems Inc. (NYSE:VEEV)

Whalen Wealth Management Inc. acquired a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,780 shares of the technology company's stock, valued at approximately $644,000.

Several other large investors also recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its stake in shares of Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock valued at $1,086,930,000 after purchasing an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $685,355,000. FMR LLC boosted its stake in shares of Veeva Systems by 7.8% in the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after purchasing an additional 447,041 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Veeva Systems by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after purchasing an additional 38,108 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

Veeva Systems stock opened at $279.28 on Monday. The firm's 50-day moving average is $248.97 and its 200-day moving average is $234.18. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The company has a market cap of $45.64 billion, a P/E ratio of 59.17, a PEG ratio of 2.20 and a beta of 0.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping 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 company 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 firm posted $1.50 EPS. The company's revenue for the quarter was up 16.7% on a year-over-year basis. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction dated 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 directly owns 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VEEV. Scotiabank upped their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Stephens restated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Stifel Nicolaus increased 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. Finally, Morgan Stanley raised their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $269.80.

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.

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