Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 1,122.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 912,223 shares of the technology company’s stock after buying an additional 837,593 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $166,946,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of 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 buying an additional 991,208 shares during the last quarter. Massachusetts Financial Services Co. MA raised 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 acquiring an additional 122,546 shares in the last quarter. Van ECK Associates Corp boosted its position 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 worth $448,123,000 after acquiring an additional 159,085 shares during the period. Norges Bank acquired a new position in shares of Veeva Systems during the fourth quarter valued at $305,543,000. Finally, TD Asset Management Inc increased its holdings in shares of Veeva Systems by 17.5% during the first 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 during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $0.55 during mid-day trading on Friday, reaching $216.47. The company had a trading volume of 1,887,400 shares, compared to its average volume of 967,344. The company has a market capitalization of $34.99 billion, a price-to-earnings ratio of 63.85, a PEG ratio of 1.95 and a beta of 0.80. The stock has a fifty day moving average of $188.49 and a two-hundred day moving average of $202.13. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90.

Veeva Systems (NYSE:VEEV) last released its 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. The company had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. Sell-side analysts forecast that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Bank of America upped their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday. TD Cowen increased their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday. BTIG Research initiated coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They set a “buy” rating and a $240.00 price objective on the stock. Stifel Nicolaus cut their target price on Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, May 31st. Finally, Evercore ISI lowered their price target on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.13.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction dated 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 directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on Friday, June 7th. The shares were sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

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.