Channel Wealth LLC Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Channel Wealth LLC purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 17,621 shares of the technology company’s stock, valued at approximately $4,082,000. Veeva Systems makes up 1.3% of Channel Wealth LLC’s investment portfolio, making the stock its 23rd largest position.

Several other institutional investors and hedge funds have also recently made changes to their positions in VEEV. Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems during the 4th quarter valued at $685,355,000. Norges Bank bought a new stake in Veeva Systems during the fourth quarter valued at about $294,785,000. JPMorgan Chase & Co. boosted its position in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. Wealthfront Advisers LLC grew its stake in Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after purchasing an additional 1,045,188 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after purchasing an additional 784,741 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a report on Thursday, March 20th. Truist Financial raised their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a research note on Thursday, May 29th. Needham & Company LLC lifted their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Raymond James increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an “outperform” rating in a report on Thursday, May 29th. Finally, Citigroup boosted their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus target price of $269.80.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the business’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 transaction, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 sale, the director now directly owns 5,500 shares in the company, valued at $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 have sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is owned by insiders.

Veeva Systems Trading Down 0.6%

Shares of NYSE:VEEV opened at $282.96 on Thursday. Veeva Systems Inc. has a twelve month low of $176.41 and a twelve month high of $289.43. The company has a market cap of $46.04 billion, a PE ratio of 69.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The company’s 50 day moving average is $233.26 and its 200 day moving average is $229.03.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 EPS. Equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal 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.