Merit Financial Group LLC Acquires 1,924 Shares of Veeva Systems Inc. (NYSE:VEEV)

Merit Financial Group LLC increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 8.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 25,889 shares of the technology company’s stock after buying an additional 1,924 shares during the quarter. Merit Financial Group LLC’s holdings in Veeva Systems were worth $4,984,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of Veeva Systems by 9.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after purchasing an additional 289,133 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 34.3% during the 3rd 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 in the last quarter. FMR LLC lifted its position in shares of Veeva Systems by 15.4% during 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 in the last quarter. Van ECK Associates Corp lifted its position in shares of Veeva Systems by 22.6% during the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after buying an additional 327,662 shares in the last quarter. Finally, Blair William & Co. IL lifted its position 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 in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on VEEV shares. Citigroup lifted their price objective on Veeva Systems from $240.00 to $264.00 and gave the company a “buy” rating in a research report on Friday, March 1st. The Goldman Sachs Group boosted their price target on Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a report on Wednesday, March 27th. JPMorgan Chase & Co. boosted their price target on shares of Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. One equities research 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. Based on data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $234.90.

Veeva Systems Trading Up 1.0 %

Shares of VEEV traded up $2.02 during midday trading on Friday, reaching $203.45. 646,523 shares of the stock were exchanged, compared to its average volume of 884,814. The company’s 50 day moving average is $217.75 and its two-hundred day moving average is $202.20. The company has a market capitalization of $32.82 billion, a P/E ratio of 63.20, a PEG ratio of 2.03 and a beta of 0.76. Veeva Systems Inc. has a 52 week low of $160.21 and a 52 week high of $236.90.

Veeva Systems (NYSE:VEEV) last posted 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. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. The business had revenue of $630.62 million during the quarter, compared to analyst estimates of $620.75 million. On average, sell-side analysts expect that Veeva Systems Inc. will post 4.11 EPS for the current year.

Insider Transactions at Veeva Systems

In related news, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the transaction, the executive vice president now owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now owns 23,391 shares in the company, valued at approximately $5,287,301.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the transaction, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. In the last three months, insiders sold 21,989 shares of company stock valued at $4,818,013. Corporate insiders own 10.98% of the company’s stock.

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.