WASHINGTON TRUST Co Increases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

WASHINGTON TRUST Co lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 25.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 500 shares of the technology company’s stock after purchasing an additional 100 shares during the period. WASHINGTON TRUST Co’s holdings in Veeva Systems were worth $92,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Veeva Systems by 7.5% during 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 acquiring an additional 991,208 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Veeva Systems by 6.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock valued at $417,376,000 after purchasing an additional 122,546 shares in the last quarter. Van ECK Associates Corp increased its stake in Veeva Systems by 9.0% during the 1st quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock valued at $448,123,000 after purchasing an additional 159,085 shares in the last quarter. Norges Bank acquired a new position in Veeva Systems during the 4th quarter valued at approximately $305,543,000. Finally, TD Asset Management Inc increased its stake in Veeva Systems by 17.5% during the 1st quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock valued at $284,335,000 after purchasing an additional 182,762 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems 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 transaction, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Up 3.1 %

Shares of VEEV traded up $5.79 during trading on Tuesday, reaching $191.21. 270,949 shares of the company traded hands, compared to its average volume of 968,704. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The stock has a market cap of $30.91 billion, a PE ratio of 56.24, a price-to-earnings-growth ratio of 1.83 and a beta of 0.80. The stock has a 50-day simple moving average of $184.84 and a 200-day simple moving average of $203.20.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 30th. The technology company reported $1.03 earnings per share for the quarter, beating 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 business had revenue of $650.35 million during the quarter, compared to analysts’ expectations of $641.73 million. On average, equities research analysts predict that Veeva Systems Inc. will post 4.19 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on VEEV. BTIG Research began coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target on the stock. Piper Sandler cut their price objective on shares of Veeva Systems from $235.00 to $225.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Evercore ISI cut 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. Morgan Stanley cut 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 note on Friday, May 31st. Finally, Barclays cut their price objective 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $228.27.

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.