IFM Investors Pty Ltd raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 33.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,593 shares of the technology company’s stock after acquiring an additional 5,961 shares during the quarter. IFM Investors Pty Ltd’s holdings in Veeva Systems were worth $5,013,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in VEEV. Norges Bank bought a new position in shares of Veeva Systems in the fourth quarter valued at about $312,407,000. Alliancebernstein L.P. increased its position in Veeva Systems by 49.5% in the fourth quarter. Alliancebernstein L.P. now owns 2,356,137 shares of the technology company’s stock worth $601,946,000 after purchasing an additional 779,607 shares during the period. Ownership Capital B.V. acquired a new stake in Veeva Systems in the fourth quarter worth about $195,153,000. Allspring Global Investments Holdings LLC acquired a new stake in Veeva Systems in the fourth quarter worth about $150,141,000. Finally, Van ECK Associates Corp increased its position in Veeva Systems by 114.8% in the fourth quarter. Van ECK Associates Corp now owns 684,678 shares of the technology company’s stock worth $174,922,000 after purchasing an additional 365,979 shares during the period.
A number of brokerages recently commented on VEEV. Royal Bank of Canada lowered their price objective on Veeva Systems from $400.00 to $300.00 and set an “outperform” rating for the company in a research report on Thursday, March 3rd. The Goldman Sachs Group started coverage on Veeva Systems in a research report on Thursday, June 23rd. They set a “buy” rating and a $253.00 target price for the company. SVB Leerink restated a “buy” rating and set a $268.00 target price on shares of Veeva Systems in a research report on Monday, March 14th. Truist Financial decreased their target price on Veeva Systems from $275.00 to $225.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Finally, Needham & Company LLC decreased their target price on Veeva Systems from $270.00 to $205.00 and set a “buy” rating for the company in a research report on Thursday, June 2nd. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $260.68.
In other news, Director Paul J. Sekhri sold 11,000 shares of the business’s stock in a transaction dated Thursday, March 31st. The stock was sold at an average price of $214.02, for a total transaction of $2,354,220.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald E. F. Codd sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 6th. The shares were sold at an average price of $207.14, for a total value of $4,142,800.00. Following the completion of the sale, the director now owns 442 shares of the company’s stock, valued at approximately $91,555.88. The disclosure for this sale can be found here. Insiders sold a total of 46,371 shares of company stock valued at $9,460,526 over the last ninety days. 13.23% of the stock is currently owned by corporate insiders.
VEEV stock opened at $200.51 on Wednesday. Veeva Systems Inc. has a 1 year low of $152.04 and a 1 year high of $343.96. The company has a 50 day simple moving average of $179.00 and a 200 day simple moving average of $206.59. The stock has a market cap of $31.05 billion, a price-to-earnings ratio of 78.94, a P/E/G ratio of 4.32 and a beta of 0.86.
Veeva Systems (NYSE:VEEV – Get Rating) last announced its earnings results on Wednesday, June 1st. The technology company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $505.10 million for the quarter, compared to the consensus estimate of $495.88 million. Veeva Systems had a return on equity of 14.60% and a net margin of 21.43%. The business’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.67 EPS. On average, analysts predict that Veeva Systems Inc. will post 2.79 EPS for the current fiscal year.
Veeva Systems Company Profile (Get Rating)
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.
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