SRS Capital Advisors Inc. Purchases 554 Shares of Veeva Systems Inc. (NYSE:VEEV)

SRS Capital Advisors Inc. boosted its position in Veeva Systems Inc. (NYSE:VEEV) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,520 shares of the technology company’s stock after acquiring an additional 554 shares during the period. SRS Capital Advisors Inc.’s holdings in Veeva Systems were worth $1,010,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Veeva Systems in the 4th quarter valued at about $305,543,000. Vanguard Group Inc. raised its position in shares of Veeva Systems by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after acquiring an additional 991,208 shares during the last quarter. Swedbank AB acquired a new position in shares of Veeva Systems in the 1st quarter valued at $227,673,000. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 1,122.3% in the 2nd quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock worth $166,946,000 after purchasing an additional 837,593 shares during the last quarter. Finally, Matrix Capital Management Company LP grew its stake in shares of Veeva Systems by 635.4% during the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock worth $115,572,000 after purchasing an additional 430,989 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by insiders.

Veeva Systems Stock Performance

NYSE VEEV traded up $0.58 during trading hours on Friday, hitting $215.89. 775,935 shares of the company traded hands, compared to its average volume of 965,400. The business’s 50-day moving average is $192.22 and its 200-day moving average is $202.00. The stock has a market capitalization of $34.90 billion, a price-to-earnings ratio of 63.68, a P/E/G ratio of 2.12 and a beta of 0.81. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90.

Wall Street Analyst Weigh In

VEEV has been the topic of several analyst reports. Bank of America increased their target price on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. TD Cowen lifted their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research note on Thursday, August 29th. Citigroup lifted their price target on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Finally, Guggenheim boosted their price target on shares of Veeva Systems from $211.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.57.

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.