Welch & Forbes LLC Purchases 2,623 Shares of Veeva Systems Inc. (NYSE:VEEV)

Welch & Forbes LLC lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 51.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,726 shares of the technology company’s stock after purchasing an additional 2,623 shares during the quarter. Welch & Forbes LLC’s holdings in Veeva Systems were worth $1,487,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Machina Capital S.A.S. bought a new stake in Veeva Systems in the 4th quarter valued at $542,000. Private Advisor Group LLC grew its holdings in shares of Veeva Systems by 9.5% during the fourth quarter. Private Advisor Group LLC now owns 8,548 shares of the technology company’s stock worth $1,646,000 after purchasing an additional 741 shares during the last quarter. Metis Global Partners LLC increased its holdings in shares of Veeva Systems by 35.0% in the fourth quarter. Metis Global Partners LLC now owns 4,390 shares of the technology company’s stock valued at $845,000 after purchasing an additional 1,137 shares in the last quarter. National Bank of Canada FI raised its position in Veeva Systems by 8.2% in the 4th quarter. National Bank of Canada FI now owns 13,318 shares of the technology company’s stock worth $2,519,000 after purchasing an additional 1,005 shares during the last quarter. Finally, Sapient Capital LLC acquired a new position in Veeva Systems during the 4th quarter worth $894,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV traded down $1.05 during mid-day trading on Wednesday, hitting $204.26. The stock had a trading volume of 120,740 shares, compared to its average volume of 937,472. The company’s 50 day simple moving average is $216.61 and its 200 day simple moving average is $202.11. The stock has a market cap of $32.95 billion, a price-to-earnings ratio of 63.51, a PEG ratio of 2.05 and a beta of 0.76. Veeva Systems Inc. has a twelve month low of $160.21 and a twelve month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The business had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. As a group, equities analysts forecast that Veeva Systems Inc. will post 4.11 earnings per share for the current year.

Insider Activity

In related news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the sale, the director now directly owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now owns 10,668 shares of the company’s stock, valued at $2,212,756.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,989 shares of company stock valued at $4,818,013. 10.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Barclays upped their price target on Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Jefferies Financial Group increased their price objective on shares of Veeva Systems from $225.00 to $270.00 and gave the company a “buy” rating in a report on Monday, March 4th. Needham & Company LLC reiterated a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a research report on Tuesday, April 2nd. Truist Financial boosted their price target on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a report on Friday, March 1st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target on shares of Veeva Systems in a research note on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $234.90.

Veeva Systems Profile

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.