Cresset Asset Management LLC Invests $1.12 Million in Veeva Systems Inc. $VEEV

Cresset Asset Management LLC acquired a new stake in Veeva Systems Inc. (NYSE:VEEV) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,814 shares of the technology company’s stock, valued at approximately $1,115,000.

Other institutional investors also recently bought and sold shares of the company. Abound Financial LLC acquired a new position in Veeva Systems in the 1st quarter valued at $25,000. ORG Partners LLC acquired a new position in Veeva Systems in the 1st quarter valued at $26,000. Golden State Wealth Management LLC increased its stake in Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth $32,000. Finally, Key Financial Inc grew its stake in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after purchasing an additional 95 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 172 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Trading Down 0.5%

NYSE:VEEV opened at $282.57 on Friday. The firm has a market cap of $46.17 billion, a price-to-earnings ratio of 59.87, a price-to-earnings-growth ratio of 2.25 and a beta of 0.95. The company’s 50-day moving average is $282.17 and its two-hundred day moving average is $252.10. Veeva Systems Inc. has a 12-month low of $196.10 and a 12-month high of $296.72.

Veeva Systems (NYSE:VEEV) last released its 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 company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.50 EPS. On average, equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

VEEV has been the topic of a number of recent analyst reports. Morgan Stanley upped their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a research note on Thursday, May 29th. Citigroup upped their price target on shares of 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 shares of Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a research report on Thursday, May 29th. Mizuho boosted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, June 2nd. Finally, Raymond James Financial boosted their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an “outperform” rating in a research report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $274.17.

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.