Veeva Systems Inc. (NYSE:VEEV) Stake Raised by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 19.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,289 shares of the technology company’s stock after buying an additional 366 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Veeva Systems were worth $530,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. raised its stake in shares of Veeva Systems by 3.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock worth $1,086,930,000 after buying an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the 4th quarter worth $685,355,000. FMR LLC grew its holdings in shares of Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after acquiring an additional 232,116 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Veeva Systems by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock worth $589,208,000 after purchasing an additional 38,108 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares of the company’s stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $279.64 on Thursday. The firm has a market cap of $45.70 billion, a P/E ratio of 59.25, a price-to-earnings-growth ratio of 2.19 and a beta of 0.99. The firm’s 50-day simple moving average is $252.45 and its 200-day simple moving average is $235.03. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $291.69.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm had revenue of $759.04 million during the quarter, compared to analysts’ expectations of $728.38 million. During the same quarter last year, the company earned $1.50 earnings per share. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VEEV has been the subject of several research analyst reports. Stifel Nicolaus upped their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Piper Sandler increased their target price on Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Morgan Stanley lifted their price target on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a report on Thursday, May 29th. JPMorgan Chase & Co. upped their price target on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Finally, UBS Group raised their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $269.80.

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.