Fmr LLC Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Fmr LLC grew its position in Veeva Systems Inc. (NYSE:VEEV) by 25.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,981,244 shares of the technology company’s stock after acquiring an additional 610,021 shares during the period. Fmr LLC owned about 1.84% of Veeva Systems worth $625,674,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the 3rd quarter valued at approximately $26,000. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems during the 1st quarter worth approximately $28,000. Blue Trust Inc. lifted its holdings in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after buying an additional 173 shares during the period. DT Investment Partners LLC purchased a new stake in shares of Veeva Systems in the second quarter valued at approximately $35,000. Finally, Mather Group LLC. grew its holdings in Veeva Systems by 166.3% during the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after acquiring an additional 158 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VEEV shares. Truist Financial raised their target price on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. Royal Bank of Canada boosted their price objective on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. TD Cowen increased their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Guggenheim boosted their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $236.92.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is owned by insiders.

Veeva Systems Price Performance

NYSE VEEV opened at $226.76 on Friday. The company has a market cap of $36.72 billion, a P/E ratio of 60.47, a P/E/G ratio of 2.19 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68. The company has a 50-day moving average of $215.45 and a 200-day moving average of $201.83.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current year.

Veeva Systems 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.