Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 79,249 shares of the technology company’s stock after purchasing an additional 1,140 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Veeva Systems were worth $18,061,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. ORG Partners LLC purchased a new stake in Veeva Systems during the first quarter worth $26,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after acquiring an additional 78 shares in the last quarter. Smithfield Trust Co grew its position in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. Promus Capital LLC purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $36,000. Finally, Itau Unibanco Holding S.A. raised its holdings in Veeva Systems by 389.2% in the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company’s stock worth $38,000 after purchasing an additional 144 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction 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 owned 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director owned 5,500 shares of the company’s stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,397 shares of company stock worth $1,198,160 in the last quarter. Insiders own 10.30% of the company’s stock.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $282.21 on Thursday. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $291.69. The stock has a market capitalization of $46.12 billion, a P/E ratio of 59.79, a price-to-earnings-growth ratio of 2.24 and a beta of 0.98. The company has a 50 day moving average price of $259.23 and a 200 day moving average price of $236.61.

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

Analysts Set New Price Targets

Several analysts have commented on VEEV shares. Morgan Stanley raised their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a report on Thursday, May 29th. Barclays lifted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Scotiabank upped their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Finally, Robert W. Baird lifted their price objective on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned 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.