Bristlecone Advisors LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 16.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,607 shares of the technology company’s stock after acquiring an additional 2,644 shares during the period. Bristlecone Advisors LLC’s holdings in Veeva Systems were worth $3,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently bought and sold shares of the company. DnB Asset Management AS boosted its stake in shares of Veeva Systems by 4.6% during the first quarter. DnB Asset Management AS now owns 25,596 shares of the technology company’s stock worth $4,704,000 after buying an additional 1,117 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Veeva Systems by 739.5% during the first quarter. Global Retirement Partners LLC now owns 5,104 shares of the technology company’s stock worth $909,000 after buying an additional 4,496 shares during the period. Moran Wealth Management LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth about $4,498,000. Russell Investments Group Ltd. boosted its stake in shares of Veeva Systems by 5.9% during the fourth quarter. Russell Investments Group Ltd. now owns 189,230 shares of the technology company’s stock worth $30,621,000 after buying an additional 10,490 shares during the period. Finally, Barclays PLC boosted its stake in shares of Veeva Systems by 18.0% during the first quarter. Barclays PLC now owns 152,170 shares of the technology company’s stock worth $27,966,000 after buying an additional 23,251 shares during the period. Institutional investors and hedge funds own 89.65% of the company’s stock.
Wall Street Analyst Weigh In
VEEV has been the subject of several recent research reports. Guggenheim upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and set a $226.00 target price for the company in a research note on Thursday, June 1st. Barclays raised their price objective on shares of Veeva Systems from $203.00 to $225.00 in a research report on Friday, June 23rd. StockNews.com started coverage on shares of Veeva Systems in a research report on Thursday, August 17th. They issued a “hold” rating for the company. KeyCorp raised their price objective on shares of Veeva Systems from $185.00 to $210.00 in a research report on Friday, June 2nd. Finally, Raymond James raised their price objective on shares of Veeva Systems from $200.00 to $210.00 in a research report on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.86.
Insider Buying and Selling
In related news, Director Timothy S. Cabral sold 12,036 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $200.05, for a total transaction of $2,407,801.80. Following the sale, the director now owns 71,078 shares in the company, valued at $14,219,153.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Veeva Systems news, Director Paul Edward Chamberlain sold 160 shares of Veeva Systems stock in a transaction on Monday, June 12th. The shares were sold at an average price of $189.22, for a total value of $30,275.20. Following the transaction, the director now owns 16,942 shares in the company, valued at approximately $3,205,765.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 12,036 shares of Veeva Systems stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $200.05, for a total transaction of $2,407,801.80. Following the completion of the transaction, the director now owns 71,078 shares in the company, valued at approximately $14,219,153.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,425 shares of company stock worth $3,078,109. 10.98% of the stock is owned by insiders.
Veeva Systems Stock Up 0.1 %
Shares of VEEV traded up $0.27 during mid-day trading on Wednesday, reaching $187.54. 169,982 shares of the company’s stock were exchanged, compared to its average volume of 953,122. The company has a 50-day simple moving average of $198.23 and a two-hundred day simple moving average of $183.75. Veeva Systems Inc. has a 52-week low of $151.02 and a 52-week high of $219.19. The company has a market cap of $30.05 billion, a price-to-earnings ratio of 58.60, a PEG ratio of 3.44 and a beta of 0.96.
Veeva Systems (NYSE:VEEV – Get Free Report) last issued its quarterly earnings data on Wednesday, May 31st. The technology company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. Veeva Systems had a net margin of 23.85% and a return on equity of 10.88%. The business had revenue of $526.33 million during the quarter, compared to analysts’ expectations of $515.47 million. As a group, equities research analysts predict that Veeva Systems Inc. will post 2.7 EPS for the current fiscal year.
Veeva Systems Company Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.