Veeva Systems Inc. (NYSE:VEEV) Stock Position Lifted by NorthCrest Asset Manangement LLC

NorthCrest Asset Manangement LLC boosted its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,770 shares of the technology company’s stock after buying an additional 2,148 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Veeva Systems were worth $10,026,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Clearbridge Investments LLC grew its holdings in Veeva Systems by 0.4% during the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares during the last quarter. Western Pacific Wealth Management LP increased its position in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after acquiring an additional 58 shares during the period. Park Place Capital Corp raised its stake in Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after purchasing an additional 59 shares during the last quarter. OV Management LLC boosted its holdings in Veeva Systems by 1.0% in the 2nd quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock valued at $1,219,000 after purchasing an additional 63 shares during the period. Finally, Simplicity Wealth LLC grew its position in Veeva Systems by 1.7% in the 2nd quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock worth $737,000 after purchasing an additional 69 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on VEEV shares. Citigroup lifted their target price on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Truist Financial boosted their price target on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. Bank of America raised their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Barclays increased their price target on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Piper Sandler lifted their price objective on Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $233.13.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded down $0.38 during trading on Friday, hitting $212.23. 553,735 shares of the company were exchanged, compared to its average volume of 946,259. The firm has a market capitalization of $34.37 billion, a P/E ratio of 56.59, a price-to-earnings-growth ratio of 2.13 and a beta of 0.81. The firm’s fifty day moving average price is $210.69 and its 200 day moving average price is $198.95. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. The firm had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current 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.