Marks Group Wealth Management Inc Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Marks Group Wealth Management Inc bought a new position in Veeva Systems Inc. (NYSE:VEEV) in the third quarter, Holdings Channel reports. The institutional investor bought 1,304 shares of the technology company’s stock, valued at approximately $274,000.

Several other institutional investors have also modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC increased its position in Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after purchasing an additional 48 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after buying an additional 52 shares during the last quarter. Western Pacific Wealth Management LP raised its position in shares of Veeva Systems by 23.3% during the 1st quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after buying an additional 58 shares during the period. Park Place Capital Corp lifted its holdings 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 last quarter. Finally, Quintet Private Bank Europe S.A. grew its position in Veeva Systems by 13.4% in the third quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock worth $108,000 after acquiring an additional 61 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on VEEV. Barclays lifted their target price on Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. Truist Financial increased their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research note on Tuesday, September 3rd. UBS Group boosted their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, TD Cowen increased their price objective 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average target price of $232.87.

Insider Transactions at Veeva Systems

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

Veeva Systems Stock Up 1.8 %

Shares of Veeva Systems stock opened at $216.45 on Thursday. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The company has a market capitalization of $35.05 billion, a P/E ratio of 57.72, a P/E/G ratio of 2.07 and a beta of 0.81. The company has a 50 day moving average of $213.48 and a 200 day moving average of $199.34.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during 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%. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

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.