Ninety One North America Inc. Invests $3.99 Million in Veeva Systems Inc. (NYSE:VEEV)

Ninety One North America Inc. bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, HoldingsChannel reports. The firm bought 20,726 shares of the technology company’s stock, valued at approximately $3,990,000.

Other institutional investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Veeva Systems by 703.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 15,594 shares of the technology company’s stock worth $3,002,000 after purchasing an additional 13,654 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Veeva Systems by 5.2% during the fourth quarter. Nordea Investment Management AB now owns 163,247 shares of the technology company’s stock valued at $31,730,000 after purchasing an additional 8,007 shares during the last quarter. ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Veeva Systems by 13.1% during the fourth quarter. ICICI Prudential Asset Management Co Ltd now owns 49,140 shares of the technology company’s stock valued at $9,460,000 after purchasing an additional 5,674 shares during the last quarter. Lecap Asset Management Ltd. purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $2,668,000. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of Veeva Systems by 26.3% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 98,377 shares of the technology company’s stock valued at $18,953,000 after purchasing an additional 20,488 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $1.71 during mid-day trading on Thursday, hitting $200.91. 372,640 shares of the company’s stock traded hands, compared to its average volume of 981,638. The company’s 50-day moving average is $221.86 and its two-hundred day moving average is $202.84. The company has a market capitalization of $32.41 billion, a P/E ratio of 61.86, a PEG ratio of 2.02 and a beta of 0.74. Veeva Systems Inc. has a 1 year low of $160.21 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.81 by $0.11. The company had revenue of $630.62 million for the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. Equities analysts anticipate that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on VEEV shares. Citigroup boosted their price objective on shares of Veeva Systems from $240.00 to $264.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a research report on Wednesday, March 27th. Oppenheimer reissued an “outperform” rating and set a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, February 22nd. The Goldman Sachs Group upped their target price on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Insider Activity at Veeva Systems

In related news, COO Thomas D. Schwenger sold 1,238 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $210.02, for a total transaction of $260,004.76. Following the transaction, the chief operating officer now directly owns 24,342 shares in the company, valued at approximately $5,112,306.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Thomas D. Schwenger sold 1,238 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $210.02, for a total transaction of $260,004.76. Following the transaction, the chief operating officer now directly owns 24,342 shares in the company, valued at approximately $5,112,306.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares in the company, valued at $2,212,756.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,836 shares of company stock worth $4,396,902. Insiders own 10.98% of the company’s stock.

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.