6,767 Shares in Veeva Systems Inc. (NYSE:VEEV) Acquired by Summit Global Investments

Summit Global Investments purchased a new position in Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,767 shares of the technology company’s stock, valued at approximately $1,303,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in VEEV. Wellington Management Group LLP increased its stake in Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after purchasing an additional 289,133 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Veeva Systems by 34.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after buying an additional 522,257 shares during the period. FMR LLC increased its stake in Veeva Systems by 15.4% in the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock valued at $372,951,000 after buying an additional 244,599 shares during the period. Van ECK Associates Corp lifted its position in Veeva Systems by 22.6% in the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after buying an additional 327,662 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Veeva Systems by 0.9% during the 3rd quarter. Blair William & Co. IL now owns 1,466,121 shares of the technology company’s stock valued at $298,282,000 after buying an additional 12,709 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Veeva Systems stock traded up $2.02 during mid-day trading on Friday, reaching $203.45. The company’s stock had a trading volume of 646,523 shares, compared to its average volume of 884,814. Veeva Systems Inc. has a 12 month low of $160.21 and a 12 month high of $236.90. The business’s 50 day simple moving average is $217.75 and its 200 day simple moving average is $202.20. The company has a market capitalization of $32.82 billion, a price-to-earnings ratio of 63.20, a price-to-earnings-growth ratio of 2.03 and a beta of 0.76.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The company had revenue of $630.62 million during the quarter, compared to analysts’ expectations of $620.75 million. As a group, sell-side analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the completion of the sale, the director now directly owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the transaction, the executive vice president now directly owns 21,983 shares in the company, valued at $4,415,505.38. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,989 shares of company stock valued at $4,818,013. 10.98% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of analyst reports. Barclays lifted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Citigroup boosted their target price on Veeva Systems from $240.00 to $264.00 and gave the stock a “buy” rating in a report on Friday, March 1st. UBS Group raised their price target on Veeva Systems from $185.00 to $235.00 and gave the company a “neutral” rating in a report on Monday, February 26th. Oppenheimer restated an “outperform” rating and set a $225.00 target price on shares of Veeva Systems in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group upped their price target on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $234.90.

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.