Ninety One UK Ltd Purchases Shares of 60,701 Veeva Systems Inc. (NYSE:VEEV)

Ninety One UK Ltd purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, Holdings Channel.com reports. The fund purchased 60,701 shares of the technology company’s stock, valued at approximately $11,686,000.

Several other institutional investors also recently bought and sold shares of VEEV. Norges Bank purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $259,703,000. Wellington Management Group LLP grew its stake in shares of Veeva Systems by 1,578.4% during the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock valued at $319,616,000 after buying an additional 1,414,726 shares during the period. Invesco Ltd. grew its stake in shares of Veeva Systems by 239.7% during the 3rd quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock valued at $194,570,000 after buying an additional 674,785 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 34.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after buying an additional 522,257 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of Veeva Systems by 25.0% during the 2nd quarter. Nuveen Asset Management LLC now owns 2,432,413 shares of the technology company’s stock valued at $480,961,000 after buying an additional 486,588 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Thomas D. Schwenger sold 1,238 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $210.02, for a total transaction of $260,004.76. Following the sale, the chief operating officer now owns 24,342 shares in the company, valued at approximately $5,112,306.84. The disclosure for this sale can be found here. Insiders have sold a total of 19,836 shares of company stock worth $4,396,902 over the last quarter. 10.98% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on VEEV. Jefferies Financial Group upped their price target on shares of Veeva Systems from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. The Goldman Sachs Group upped their price target on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Piper Sandler upped their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Stifel Nicolaus upped their price target on shares of Veeva Systems from $205.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, KeyCorp upped their price target on shares of Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average target price of $234.90.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $199.52 on Friday. The firm has a market cap of $32.19 billion, a PE ratio of 61.96, a price-to-earnings-growth ratio of 2.01 and a beta of 0.74. The firm’s 50-day simple moving average is $221.54 and its 200-day simple moving average is $202.82. Veeva Systems Inc. has a 1 year low of $160.21 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. On average, equities analysts predict that Veeva Systems Inc. will post 4.11 earnings per share for the current 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.