Merrion Investment Management Co LLC Buys Shares of 1,000 Veeva Systems Inc. (NYSE:VEEV)

Merrion Investment Management Co LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,000 shares of the technology company’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Clearbridge Investments LLC raised its holdings in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares during the period. Western Pacific Wealth Management LP lifted its holdings in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after acquiring an additional 58 shares in the last quarter. Park Place Capital Corp grew its stake in Veeva Systems by 11.5% in the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after acquiring an additional 59 shares during the period. OV Management LLC raised its position in shares of Veeva Systems by 1.0% during the second quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock worth $1,219,000 after purchasing an additional 63 shares during the period. Finally, Simplicity Wealth LLC lifted its holdings in shares of Veeva Systems by 1.7% during the 2nd quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock valued at $737,000 after purchasing an additional 69 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Veeva Systems stock opened at $210.13 on Friday. The stock has a fifty day moving average of $204.43 and a 200-day moving average of $199.52. The stock has a market capitalization of $34.03 billion, a P/E ratio of 56.03, a price-to-earnings-growth ratio of 2.01 and a beta of 0.81. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its earnings results 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. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, research analysts forecast that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on VEEV. Royal Bank of Canada restated an “outperform” rating and set a $250.00 target price on shares of Veeva Systems in a report on Thursday, August 29th. UBS Group upped their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. TD Cowen upped their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Citigroup raised their price objective on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Finally, Truist Financial lifted their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average target price of $232.96.

About Veeva Systems

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.