Empowered Funds LLC Boosts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Empowered Funds LLC lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 2.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,170 shares of the technology company’s stock after purchasing an additional 91 shares during the quarter. Empowered Funds LLC’s holdings in Veeva Systems were worth $875,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in VEEV. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Swedbank AB bought a new position in shares of Veeva Systems during the first quarter valued at approximately $227,673,000. Jupiter Asset Management Ltd. grew its stake in shares of Veeva Systems by 84.0% during the second quarter. Jupiter Asset Management Ltd. now owns 453,933 shares of the technology company’s stock valued at $83,074,000 after buying an additional 207,222 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Veeva Systems by 545.5% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 195,486 shares of the technology company’s stock worth $35,776,000 after buying an additional 165,203 shares during the period. Finally, AQR Capital Management LLC grew its position in Veeva Systems by 48.0% in the 2nd quarter. AQR Capital Management LLC now owns 444,477 shares of the technology company’s stock valued at $81,344,000 after acquiring an additional 144,104 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $216.59 on Friday. The stock has a market capitalization of $35.07 billion, a PE ratio of 57.76, a price-to-earnings-growth ratio of 2.03 and a beta of 0.81. The business has a 50 day simple moving average of $214.54 and a 200-day simple moving average of $201.19. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The company had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. TD Cowen lifted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Bank of America upped their price target on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Finally, Scotiabank initiated coverage on Veeva Systems in a research note on Monday, November 18th. They issued a “sector perform” rating and a $235.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $236.92.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is currently owned by insiders.

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.