Diversified Trust Co Grows Position in Veeva Systems Inc. (NYSE:VEEV)

Diversified Trust Co increased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 43.2% in the first quarter, Holdings Channel.com reports. The firm owned 13,210 shares of the technology company’s stock after purchasing an additional 3,988 shares during the quarter. Diversified Trust Co’s holdings in Veeva Systems were worth $3,061,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its holdings in Veeva Systems by 9.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after buying an additional 289,133 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Veeva Systems by 6.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock valued at $417,376,000 after purchasing an additional 122,546 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Veeva Systems by 22.6% in the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after purchasing an additional 327,662 shares in the last quarter. Norges Bank bought a new stake in shares of Veeva Systems in the 4th quarter valued at about $305,543,000. Finally, TD Asset Management Inc raised its holdings in shares of Veeva Systems by 27.5% in the 4th quarter. TD Asset Management Inc now owns 1,044,461 shares of the technology company’s stock valued at $201,080,000 after purchasing an additional 225,055 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

VEEV stock opened at $181.53 on Tuesday. The firm’s fifty day simple moving average is $194.68 and its 200-day simple moving average is $205.28. The company has a market capitalization of $29.34 billion, a P/E ratio of 53.55, a price-to-earnings-growth ratio of 1.79 and a beta of 0.80. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90.

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

Wall Street Analyst Weigh In

VEEV has been the subject of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $250.00 price target on shares of Veeva Systems in a report on Friday, June 21st. Piper Sandler reduced their price target on shares of Veeva Systems from $245.00 to $235.00 and set an “overweight” rating for the company in a report on Friday, May 31st. Stifel Nicolaus reduced their price target on shares of Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a report on Friday, May 31st. Evercore ISI reduced their price objective on shares of Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a research note on Friday, May 31st. Finally, Citigroup reduced their price objective on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $227.95.

Insider Activity

In other news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $184.33, for a total value of $2,764,950.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now directly owns 10,668 shares in the company, valued at $2,212,756.56. The disclosure for this sale can be found here. Insiders have sold 21,989 shares of company stock valued at $4,192,363 in the last ninety days. Insiders own 10.50% of the company’s stock.

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.