Wealth Enhancement Advisory Services LLC Increases Position in Veeva Systems Inc. (NYSE:VEEV)

Wealth Enhancement Advisory Services LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 15.2% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 14,240 shares of the technology company’s stock after buying an additional 1,877 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Veeva Systems were worth $2,989,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Procyon Advisors LLC purchased a new stake in shares of Veeva Systems in the third quarter valued at about $712,000. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after buying an additional 9,232 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Veeva Systems by 30.8% in the first quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after buying an additional 20,982 shares during the last quarter. Mediolanum International Funds Ltd purchased a new position in Veeva Systems during the first quarter worth about $5,112,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Veeva Systems by 46.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after purchasing an additional 42,396 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VEEV. BTIG Research began coverage on shares of Veeva Systems in a report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price target for the company. Piper Sandler increased their price target on shares of Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Bank of America increased their price target on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Raymond James increased their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $260.00 price target on shares of Veeva Systems in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $232.87.

Veeva Systems Price Performance

VEEV stock opened at $212.80 on Friday. The firm has a market capitalization of $34.46 billion, a PE ratio of 56.75, a P/E/G ratio of 2.09 and a beta of 0.81. The company’s 50 day simple moving average is $212.62 and its 200-day simple moving average is $199.04. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 10.50% of the company’s stock.

Veeva Systems Company 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.