Perpetual Ltd Purchases New Position in Veeva Systems Inc. (NYSE:VEEV)

Perpetual Ltd purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 17,510 shares of the technology company’s stock, valued at approximately $4,056,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. ORG Partners LLC purchased a new stake in Veeva Systems during the 1st quarter worth approximately $26,000. Smithfield Trust Co increased its stake in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after buying an additional 80 shares in the last quarter. Golden State Wealth Management LLC increased its stake in 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 buying an additional 78 shares in the last quarter. Promus Capital LLC purchased a new stake in Veeva Systems during the 4th quarter worth approximately $36,000. Finally, Itau Unibanco Holding S.A. increased its stake in Veeva Systems by 389.2% during the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company’s stock worth $38,000 after buying an additional 144 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

VEEV opened at $282.89 on Friday. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $291.69. The stock has a market capitalization of $46.23 billion, a PE ratio of 59.93, a P/E/G ratio of 2.19 and a beta of 0.99. The business’s 50 day moving average price is $255.10 and its 200 day moving average price is $235.52.

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 analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. During the same period in the prior year, the firm posted $1.50 earnings per share. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. As a group, equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the company’s stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director now directly owns 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. Insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Raymond James Financial boosted their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an “outperform” rating in a research note on Thursday, May 29th. Citigroup boosted their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a research note on Thursday, May 29th. Finally, Stifel Nicolaus boosted their target price on Veeva Systems from $272.00 to $295.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.80.

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 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.