PFM Health Sciences LP Buys New Position in Veeva Systems Inc. (NYSE:VEEV)

PFM Health Sciences LP bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 19,259 shares of the technology company’s stock, valued at approximately $4,042,000.

Several other institutional investors have also added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after buying an additional 1,392,256 shares in the last quarter. FMR LLC raised its stake in Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the period. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Veeva Systems by 3.7% in the third quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company’s stock worth $434,372,000 after purchasing an additional 71,525 shares during the period. Finally, Swedbank AB increased its stake in shares of Veeva Systems by 4.9% in the second quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock worth $188,695,000 after purchasing an additional 48,402 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. BNP Paribas started coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. TD Cowen upped their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Citigroup lifted their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. Finally, Robert W. Baird decreased their target price on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, October 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.92.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

VEEV opened at $227.94 on Friday. The business’s 50-day moving average is $215.71 and its two-hundred day moving average is $202.00. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year high of $240.68. The firm has a market capitalization of $36.91 billion, a PE ratio of 60.78, a price-to-earnings-growth ratio of 2.20 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

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.