Royal Bank of Canada Increases Holdings in Veeva Systems Inc. $VEEV

Royal Bank of Canada raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.7% in the first quarter, Holdings Channel.com reports. The institutional investor owned 758,597 shares of the technology company’s stock after buying an additional 129,876 shares during the quarter. Royal Bank of Canada’s holdings in Veeva Systems were worth $175,713,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Veeva Systems during the 1st quarter valued at $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth $26,000. Golden State Wealth Management LLC increased its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems in the 1st quarter worth $32,000. Finally, Key Financial Inc increased its stake in shares of Veeva Systems by 161.0% in 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 in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler upped their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, August 28th. Canaccord Genuity Group upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a “hold” rating in a research note on Thursday, August 28th. Citigroup upped their price objective on Veeva Systems from $329.00 to $349.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. UBS Group upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. Finally, Morgan Stanley upped their price objective on Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a research note on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $299.88.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $268.85 on Tuesday. The company has a market capitalization of $43.93 billion, a P/E ratio of 55.21, a P/E/G ratio of 2.12 and a beta of 0.95. The company has a fifty day moving average of $282.16 and a 200 day moving average of $254.56. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72.

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.