1,331 Shares in Veeva Systems Inc. (NYSE:VEEV) Bought by CX Institutional

CX Institutional acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,331 shares of the technology company’s stock, valued at approximately $308,000.

Other institutional investors have also made changes to their positions in the company. Venturi Wealth Management LLC grew its stake in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after acquiring an additional 163 shares during the period. Linonia Partnership LP grew its stake in Veeva Systems by 42.1% in the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company’s stock valued at $252,925,000 after acquiring an additional 356,300 shares during the period. VSM Wealth Advisory LLC acquired a new position in Veeva Systems in the fourth quarter valued at about $42,000. Amundi grew its stake in Veeva Systems by 9.8% in the fourth quarter. Amundi now owns 459,044 shares of the technology company’s stock valued at $99,750,000 after acquiring an additional 40,884 shares during the period. Finally, Townsquare Capital LLC grew its stake in Veeva Systems by 3.1% in the fourth quarter. Townsquare Capital LLC now owns 4,912 shares of the technology company’s stock valued at $1,033,000 after acquiring an additional 150 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VEEV has been the topic of a number of research reports. KeyCorp cut their price target on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Scotiabank boosted their price target on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. Piper Sandler boosted their price target on Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Citigroup boosted their price target on Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a report on Friday, May 30th. Finally, Stifel Nicolaus boosted their price target on Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.80.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43% 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 valued at $1,376,179. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $281.82 on Friday. Veeva Systems Inc. has a 52-week low of $176.41 and a 52-week high of $291.69. The firm has a fifty day moving average of $242.24 and a 200 day moving average of $232.35. The firm has a market capitalization of $45.85 billion, a PE ratio of 69.59, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, sell-side analysts forecast 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.