Procyon Advisors LLC Buys 598 Shares of Veeva Systems Inc. (NYSE:VEEV)

Procyon Advisors LLC boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 15.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 4,394 shares of the technology company’s stock after buying an additional 598 shares during the quarter. Procyon Advisors LLC’s holdings in Veeva Systems were worth $1,018,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth about $25,000. Smithfield Trust Co raised its position in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after purchasing an additional 80 shares during the period. Avion Wealth lifted its stake in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after purchasing an additional 127 shares during the last quarter. Venturi Wealth Management LLC boosted its position in shares of Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after buying an additional 163 shares during the period. Finally, Promus Capital LLC purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $36,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.7%

Shares of NYSE:VEEV opened at $285.08 on Friday. The firm has a 50 day moving average of $235.57 and a 200 day moving average of $230.21. The company has a market capitalization of $46.38 billion, a price-to-earnings ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.68.

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, beating analysts’ consensus estimates 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 return on equity of 13.56% and a net margin of 25.07%. The business’s revenue was up 16.7% compared to the same quarter last year. During the same period last year, the business posted $1.50 EPS. On average, sell-side analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last quarter. 10.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on VEEV shares. Wells Fargo & Company increased their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Morgan Stanley increased their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a research note on Thursday, May 29th. UBS Group lifted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Piper Sandler upped their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Finally, Robert W. Baird raised their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.