Marshall Wace LLP Makes New $21.77 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Marshall Wace LLP purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 118,949 shares of the technology company’s stock, valued at approximately $21,769,000. Marshall Wace LLP owned about 0.07% of Veeva Systems at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Farallon Capital Management LLC acquired a new stake in Veeva Systems in the second quarter valued at approximately $663,000. Xponance Inc. lifted its stake in shares of Veeva Systems by 0.4% in the 2nd quarter. Xponance Inc. now owns 26,856 shares of the technology company’s stock valued at $4,915,000 after purchasing an additional 119 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Veeva Systems by 272.7% in the 2nd quarter. Bank of Montreal Can now owns 152,697 shares of the technology company’s stock valued at $28,463,000 after purchasing an additional 111,724 shares during the last quarter. Evergreen Capital Management LLC boosted its holdings in Veeva Systems by 1.9% in the second quarter. Evergreen Capital Management LLC now owns 22,157 shares of the technology company’s stock worth $4,055,000 after purchasing an additional 414 shares in the last quarter. Finally, Fairscale Capital LLC acquired a new position in Veeva Systems during the second quarter worth $46,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $209.46 on Friday. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The stock has a fifty day moving average price of $200.64 and a two-hundred day moving average price of $201.17. The firm has a market capitalization of $33.92 billion, a P/E ratio of 61.79, a P/E/G ratio of 2.02 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (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 the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, equities research analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several recent analyst reports. BTIG Research began coverage on Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target for the company. Canaccord Genuity Group decreased their target price on Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research report on Friday, May 31st. Evercore ISI dropped their price target on shares of Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research report on Friday, May 31st. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Finally, Morgan Stanley dropped their target price on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $229.96.

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.