Pacer Advisors Inc. Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Pacer Advisors Inc. grew its position in Veeva Systems Inc. (NYSE:VEEV) by 31.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,688 shares of the technology company’s stock after purchasing an additional 1,359 shares during the period. Pacer Advisors Inc.’s holdings in Veeva Systems were worth $1,041,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of VEEV. Vanguard Group Inc. boosted its holdings in Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the last quarter. Swedbank AB purchased a new stake in shares of Veeva Systems in the first quarter worth about $227,673,000. Principal Financial Group Inc. grew its holdings in Veeva Systems by 1,122.3% during the second quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock worth $166,946,000 after acquiring an additional 837,593 shares during the period. Matrix Capital Management Company LP raised its position in 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 valued at $115,572,000 after acquiring an additional 430,989 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Veeva Systems by 83.8% in the first quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after acquiring an additional 281,993 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VEEV. Evercore ISI dropped their price objective on shares of Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research note on Friday, May 31st. Piper Sandler lifted their price objective on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Needham & Company LLC reissued a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a research note on Thursday, August 29th. BTIG Research assumed coverage on Veeva Systems in a research note on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price target for the company. Finally, Truist Financial increased their price target on Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.96.

Insider Buying and Selling

In other Veeva Systems 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 value 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 is accessible through the SEC website. 10.50% of the stock is owned by company insiders.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $210.90 on Friday. The stock’s 50 day simple moving average is $201.22 and its 200-day simple moving average is $201.23. The stock has a market cap of $34.15 billion, a P/E ratio of 62.21, a P/E/G ratio of 2.02 and a beta of 0.81. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its 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. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The company had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. As a group, research analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

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.