Russell Investments Group Ltd. Grows Stake in Veeva Systems Inc. (NYSE:VEEV)

Russell Investments Group Ltd. increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 13.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,851 shares of the technology company’s stock after purchasing an additional 20,523 shares during the period. Russell Investments Group Ltd. owned 0.11% of Veeva Systems worth $41,506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of VEEV. Headlands Technologies LLC purchased a new stake in shares of Veeva Systems in the first quarter worth about $94,000. AMJ Financial Wealth Management bought a new stake in Veeva Systems in the 1st quarter worth approximately $4,921,000. Williams Jones Wealth Management LLC. boosted its position in shares of Veeva Systems by 1.5% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 57,532 shares of the technology company’s stock valued at $13,330,000 after acquiring an additional 848 shares during the last quarter. Inspire Investing LLC boosted its position in shares of Veeva Systems by 29.4% during the 1st quarter. Inspire Investing LLC now owns 23,361 shares of the technology company’s stock valued at $5,412,000 after acquiring an additional 5,307 shares during the last quarter. Finally, Donoghue Forlines LLC grew its holdings in shares of Veeva Systems by 23.1% in the first quarter. Donoghue Forlines LLC now owns 1,918 shares of the technology company’s stock valued at $444,000 after purchasing an additional 360 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VEEV shares. Robert W. Baird upped their price objective on Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Monday. Barclays reduced their target price on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research note on Friday, June 21st. Finally, Morgan Stanley reduced their price objective on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.05.

Veeva Systems Price Performance

NYSE:VEEV traded up $1.38 during mid-day trading on Tuesday, hitting $187.12. The company’s stock had a trading volume of 771,017 shares, compared to its average volume of 989,292. The stock has a market cap of $30.25 billion, a price-to-earnings ratio of 55.03, a PEG ratio of 1.84 and a beta of 0.80. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90. The business’s fifty day moving average is $190.88 and its two-hundred day moving average is $205.01.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The firm had revenue of $650.35 million for the quarter, compared to the consensus estimate of $641.73 million. Analysts anticipate that Veeva Systems Inc. will post 4.19 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the sale, the chief financial officer now owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the sale, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. 10.50% of the stock is 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.