Empower Advisory Group LLC Increases Holdings in Veeva Systems Inc. (NYSE:VEEV)

Empower Advisory Group LLC grew its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 16.7% in the 1st quarter, HoldingsChannel reports. The firm owned 264,834 shares of the technology company’s stock after acquiring an additional 37,846 shares during the quarter. Empower Advisory Group LLC’s holdings in Veeva Systems were worth $61,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Empire Life Investments Inc. purchased a new stake in shares of Veeva Systems during the 1st quarter valued at $4,030,000. Earned Wealth Advisors LLC purchased a new stake in shares of Veeva Systems during the 1st quarter valued at $208,000. Blair William & Co. IL increased its position in shares of Veeva Systems by 6.8% during the 1st quarter. Blair William & Co. IL now owns 1,298,921 shares of the technology company’s stock valued at $300,869,000 after purchasing an additional 82,690 shares during the last quarter. Argent Trust Co increased its position in shares of Veeva Systems by 5.6% during the 1st quarter. Argent Trust Co now owns 5,835 shares of the technology company’s stock valued at $1,352,000 after purchasing an additional 311 shares during the last quarter. Finally, Scotia Capital Inc. increased its holdings in Veeva Systems by 5.8% in the 1st quarter. Scotia Capital Inc. now owns 14,723 shares of the technology company’s stock worth $3,410,000 after acquiring an additional 804 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

VEEV has been the subject of several recent research reports. Citigroup lifted their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a report on Friday, May 30th. KeyCorp lifted their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Wall Street Zen raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, May 30th. UBS Group lifted their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. Finally, Needham & Company LLC lifted their price objective on Veeva Systems from $270.00 to $300.00 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 issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $274.17.

Insider Activity

In related news, Director Priscilla Hung sold 171 shares of the business’s stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at $1,127,930.40. The trade was a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director owned 5,500 shares of the company’s stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

Veeva Systems Trading Up 1.5%

Shares of VEEV opened at $285.52 on Tuesday. The company has a market cap of $46.66 billion, a PE ratio of 60.49, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. The stock has a 50-day moving average price of $281.05 and a 200-day moving average price of $247.68. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $296.72.

Veeva Systems (NYSE:VEEV) last issued 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 firm had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $1.50 EPS. As a group, analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current 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.