Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by Investment Research & Advisory Group Inc.

Investment Research & Advisory Group Inc. lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 116.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 11,583 shares of the technology company’s stock after acquiring an additional 6,236 shares during the quarter. Veeva Systems makes up about 1.2% of Investment Research & Advisory Group Inc.’s investment portfolio, making the stock its 26th biggest position. Investment Research & Advisory Group Inc.’s holdings in Veeva Systems were worth $2,684,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wellington Management Group LLP increased its position in Veeva Systems by 9.6% in the third quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after buying an additional 289,133 shares during the period. Massachusetts Financial Services Co. MA increased its position in Veeva Systems by 6.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock worth $417,376,000 after buying an additional 122,546 shares during the period. Van ECK Associates Corp increased its position in Veeva Systems by 22.6% in the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after buying an additional 327,662 shares during the period. Norges Bank acquired a new stake in Veeva Systems in the fourth quarter worth $305,543,000. Finally, TD Asset Management Inc increased its position in Veeva Systems by 27.5% in the fourth quarter. TD Asset Management Inc now owns 1,044,461 shares of the technology company’s stock worth $201,080,000 after buying an additional 225,055 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $207.42, for a total value of $746,297.16. Following the completion of the sale, the senior vice president now directly owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock worth $4,192,363 in the last quarter. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $2.14 during midday trading on Friday, reaching $183.01. The company had a trading volume of 1,424,589 shares, compared to its average volume of 1,393,494. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90. The firm has a market cap of $29.58 billion, a price-to-earnings ratio of 53.99, a price-to-earnings-growth ratio of 1.81 and a beta of 0.80. The company has a fifty day simple moving average of $194.68 and a two-hundred day simple moving average of $205.08.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. The business had revenue of $650.35 million during the quarter, compared to analyst estimates of $641.73 million. Analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on VEEV shares. Canaccord Genuity Group dropped their target price on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Barclays lowered their price target on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a report on Friday, May 31st. Truist Financial lowered their price target on Veeva Systems from $203.00 to $197.00 and set a “hold” rating on the stock in a report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a report on Friday, June 21st. Finally, Citigroup lowered their price target on Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a report on Monday, June 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $227.95.

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.