V Wealth Advisors LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,245 shares of the technology company’s stock, valued at approximately $1,370,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. MUFG Americas Holdings Corp purchased a new stake in shares of Veeva Systems during the fourth quarter worth about $26,000. Graves Light Private Wealth Management Inc. acquired a new position in Veeva Systems in the fourth quarter worth about $27,000. Financial Avengers Inc. acquired a new position in Veeva Systems in the fourth quarter worth about $27,000. RMR Wealth Builders acquired a new position in Veeva Systems in the fourth quarter valued at approximately $33,000. Finally, Capital Asset Advisory Services LLC acquired a new position in Veeva Systems in the fourth quarter valued at approximately $34,000. 77.54% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have commented on VEEV. Raymond James restated a “buy” rating on shares of Veeva Systems in a research note on Wednesday, March 31st. UBS Group upgraded Veeva Systems from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $245.00 to $250.00 in a research report on Wednesday, March 31st. Citigroup upped their price target on Veeva Systems from $320.00 to $335.00 and gave the company a “buy” rating in a report on Wednesday, March 10th. DA Davidson lifted their price objective on shares of Veeva Systems from $325.00 to $350.00 in a research report on Wednesday, March 3rd. Finally, Piper Sandler lifted their price objective on shares of Veeva Systems from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $299.04.
Veeva Systems (NYSE:VEEV) last released its earnings results on Monday, March 1st. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.10. Veeva Systems had a net margin of 24.88% and a return on equity of 15.73%. The company had revenue of $396.80 million for the quarter, compared to the consensus estimate of $380.20 million. During the same quarter in the previous year, the company earned $0.54 EPS. Veeva Systems’s quarterly revenue was up 27.4% compared to the same quarter last year. As a group, equities analysts expect that Veeva Systems Inc. will post 1.95 EPS for the current year.
In other news, SVP Frederic Lequient sold 313 shares of the stock in a transaction dated Friday, March 12th. The shares were sold at an average price of $256.66, for a total value of $80,334.58. Following the completion of the sale, the senior vice president now owns 562 shares in the company, valued at $144,242.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brent R. Bowman sold 171 shares of the stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $265.98, for a total transaction of $45,482.58. Following the completion of the sale, the chief financial officer now owns 1,086 shares of the company’s stock, valued at approximately $288,854.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,545 shares of company stock worth $2,836,392. Corporate insiders own 14.38% of the company’s stock.
About Veeva Systems
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.
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