Ninety One North America Inc. Takes $3.99 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Ninety One North America Inc. acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,726 shares of the technology company's stock, valued at approximately $3,990,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in VEEV. OFI Invest Asset Management bought a new position in Veeva Systems in the third quarter valued at $25,000. Operose Advisors LLC bought a new position in Veeva Systems in the third quarter valued at $29,000. Parkside Financial Bank & Trust grew its position in Veeva Systems by 81.9% in the third quarter. Parkside Financial Bank & Trust now owns 171 shares of the technology company's stock valued at $35,000 after purchasing an additional 77 shares in the last quarter. Atticus Wealth Management LLC grew its position in Veeva Systems by 500.0% in the third quarter. Atticus Wealth Management LLC now owns 180 shares of the technology company's stock valued at $37,000 after purchasing an additional 150 shares in the last quarter. Finally, Resurgent Financial Advisors LLC bought a new position in Veeva Systems in the fourth quarter valued at $33,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on VEEV shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $260.00 target price on shares of Veeva Systems in a research report on Tuesday, April 2nd. Jefferies Financial Group lifted their price objective on shares of Veeva Systems from $225.00 to $270.00 and gave the company a "buy" rating in a research report on Monday, March 4th. Royal Bank of Canada reissued an "outperform" rating and issued a $250.00 price objective on shares of Veeva Systems in a research report on Wednesday, March 27th. Barclays lifted their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company an "overweight" rating in a research report on Friday, March 1st. Finally, Raymond James reissued an "outperform" rating and issued a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $234.90.

Veeva Systems Price Performance

Veeva Systems stock traded up $0.32 during midday trading on Thursday, hitting $199.52. The company's stock had a trading volume of 850,277 shares, compared to its average volume of 988,512. Veeva Systems Inc. has a 1-year low of $160.21 and a 1-year high of $236.90. The company has a 50-day moving average price of $221.86 and a two-hundred day moving average price of $202.84. The company has a market cap of $32.19 billion, a price-to-earnings ratio of 61.96, a PEG ratio of 2.02 and a beta of 0.74.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.11. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. The business had revenue of $630.62 million during the quarter, compared to analysts' expectations of $620.75 million. Sell-side analysts forecast that Veeva Systems Inc. will post 4.11 EPS for the current year.

Insiders Place Their Bets

In other news, COO Thomas D. Schwenger sold 1,238 shares of the business's stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $210.02, for a total value of $260,004.76. Following the completion of the transaction, the chief operating officer now directly owns 24,342 shares in the company, valued at approximately $5,112,306.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, COO Thomas D. Schwenger sold 1,238 shares of the business's stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $210.02, for a total value of $260,004.76. Following the completion of the transaction, the chief operating officer now directly owns 24,342 shares in the company, valued at approximately $5,112,306.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 15,000 shares of the business's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the transaction, the director now owns 23,391 shares of the company's stock, valued at $5,287,301.64. The disclosure for this sale can be found here. Insiders sold 19,836 shares of company stock worth $4,396,902 in the last quarter. 10.98% of the stock is currently owned by corporate insiders.

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.