Kayne Anderson Rudnick Investment Management LLC Acquires 1,353 Shares of Veeva Systems Inc. (NYSE:VEEV)

Kayne Anderson Rudnick Investment Management LLC raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 61.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,572 shares of the technology company’s stock after buying an additional 1,353 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Veeva Systems were worth $654,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. purchased a new stake in Veeva Systems in the first quarter worth about $28,000. DSM Capital Partners LLC purchased a new position in shares of Veeva Systems in the 4th quarter valued at approximately $29,000. First Financial Corp IN purchased a new position in shares of Veeva Systems in the 1st quarter valued at approximately $35,000. Larson Financial Group LLC boosted its position in shares of Veeva Systems by 1,153.8% during the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after purchasing an additional 150 shares in the last quarter. Finally, Vermillion & White Wealth Management Group LLC purchased a new stake in Veeva Systems in the fourth quarter worth $32,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $211.04 on Tuesday. The stock has a fifty day simple moving average of $199.76 and a two-hundred day simple moving average of $201.29. The firm has a market capitalization of $34.12 billion, a PE ratio of 62.25, a PEG ratio of 2.12 and a beta of 0.81. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The firm had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.2 EPS for the current fiscal year.

Insider Activity

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on VEEV shares. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. BTIG Research began coverage on shares of Veeva Systems in a report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price objective on the stock. Citigroup lifted their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. Barclays upped their price target on Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, TD Cowen lifted their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $229.96.

Veeva Systems Company 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.