DnB Asset Management AS Increases Holdings in Veeva Systems Inc. (NYSE:VEEV)

DnB Asset Management AS increased its stake in shares of Veeva Systems Inc. (NYSE:VEEVGet Rating) by 2.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,741 shares of the technology company’s stock after buying an additional 562 shares during the quarter. DnB Asset Management AS’s holdings in Veeva Systems were worth $4,900,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in VEEV. Tyler Stone Wealth Management purchased a new stake in Veeva Systems in the fourth quarter valued at $28,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Veeva Systems in the first quarter valued at $28,000. Global Wealth Management Investment Advisory Inc. raised its position in Veeva Systems by 1,230.0% in the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 133 shares of the technology company’s stock valued at $34,000 after purchasing an additional 123 shares during the period. TCI Wealth Advisors Inc. raised its position in Veeva Systems by 71.4% in the first quarter. TCI Wealth Advisors Inc. now owns 180 shares of the technology company’s stock valued at $38,000 after purchasing an additional 75 shares during the period. Finally, Lansing Street Advisors purchased a new stake in Veeva Systems in the first quarter valued at $39,000. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Veeva Systems Stock Performance

NYSE:VEEV opened at $172.55 on Tuesday. The stock has a 50-day simple moving average of $205.42 and a 200-day simple moving average of $193.73. The stock has a market cap of $26.79 billion, a P/E ratio of 71.01, a P/E/G ratio of 4.13 and a beta of 0.76. Veeva Systems Inc. has a 1 year low of $152.04 and a 1 year high of $327.78.

Veeva Systems (NYSE:VEEVGet Rating) last released its quarterly earnings data on Wednesday, August 31st. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.02. The business had revenue of $534.20 million during the quarter, compared to analysts’ expectations of $530.70 million. Veeva Systems had a return on equity of 13.40% and a net margin of 19.67%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.64 EPS. On average, equities research analysts predict that Veeva Systems Inc. will post 2.56 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on VEEV. Truist Financial cut their price objective on Veeva Systems from $275.00 to $225.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. Needham & Company LLC cut their price objective on Veeva Systems from $270.00 to $205.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. KeyCorp began coverage on Veeva Systems in a report on Thursday, September 15th. They issued an “overweight” rating and a $220.00 price objective on the stock. The Goldman Sachs Group cut their price objective on Veeva Systems to $235.00 in a report on Tuesday, September 6th. Finally, Canaccord Genuity Group cut their price objective on Veeva Systems from $200.00 to $185.00 and set a “hold” rating on the stock in a report on Thursday, September 1st. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $223.05.

Insider Activity

In other news, Director Paul Edward Chamberlain sold 260 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $179.99, for a total value of $46,797.40. Following the completion of the sale, the director now directly owns 16,443 shares of the company’s stock, valued at approximately $2,959,575.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Veeva Systems news, Director Timothy S. Cabral sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the completion of the sale, the director now directly owns 113,114 shares of the company’s stock, valued at approximately $22,626,193.42. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Edward Chamberlain sold 260 shares of the company’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total value of $46,797.40. Following the sale, the director now directly owns 16,443 shares of the company’s stock, valued at $2,959,575.57. The disclosure for this sale can be found here. In the last three months, insiders sold 15,260 shares of company stock valued at $2,739,647. Insiders own 13.23% of the company’s stock.

Veeva Systems Profile

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading

Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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