Pinebridge Investments L.P. Increases Position in Veeva Systems Inc. (NYSE:VEEV)

Pinebridge Investments L.P. lifted its position in Veeva Systems Inc. (NYSE:VEEVGet Rating) by 7.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,899 shares of the technology company’s stock after purchasing an additional 1,277 shares during the period. Pinebridge Investments L.P.’s holdings in Veeva Systems were worth $3,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Qube Research & Technologies Ltd boosted its position in shares of Veeva Systems by 519.1% during the fourth quarter. Qube Research & Technologies Ltd now owns 184,597 shares of the technology company’s stock worth $47,161,000 after acquiring an additional 154,779 shares during the last quarter. abrdn plc boosted its position in shares of Veeva Systems by 14.2% during the fourth quarter. abrdn plc now owns 14,389 shares of the technology company’s stock worth $3,675,000 after acquiring an additional 1,785 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Veeva Systems by 38.2% during the fourth quarter. ProShare Advisors LLC now owns 10,047 shares of the technology company’s stock worth $2,567,000 after acquiring an additional 2,779 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Veeva Systems by 12.0% during the fourth quarter. CIBC Asset Management Inc now owns 6,952 shares of the technology company’s stock worth $1,776,000 after acquiring an additional 743 shares during the last quarter. Finally, Raymond James & Associates boosted its position in shares of Veeva Systems by 0.9% during the fourth quarter. Raymond James & Associates now owns 99,396 shares of the technology company’s stock worth $25,394,000 after acquiring an additional 928 shares during the last quarter.

Veeva Systems Price Performance

VEEV stock opened at $206.49 on Monday. The company has a market capitalization of $31.97 billion, a PE ratio of 81.30, a P/E/G ratio of 4.53 and a beta of 0.73. Veeva Systems Inc. has a 12 month low of $152.04 and a 12 month high of $336.52. The firm’s 50-day moving average is $211.94 and its 200 day moving average is $198.28.

Veeva Systems (NYSE:VEEVGet Rating) last posted its quarterly earnings results on Wednesday, June 1st. The technology company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $505.10 million for the quarter, compared to the consensus estimate of $495.88 million. Veeva Systems had a net margin of 21.43% and a return on equity of 14.60%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.67 EPS. Sell-side analysts forecast that Veeva Systems Inc. will post 2.78 EPS for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 23rd. The shares were sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the transaction, the director now owns 113,114 shares of the company’s stock, valued at approximately $22,626,193.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Michele O’connor sold 371 shares of Veeva Systems stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $189.37, for a total value of $70,256.27. Following the transaction, the chief accounting officer now owns 15,833 shares of the company’s stock, valued at approximately $2,998,295.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 5,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $200.03, for a total transaction of $1,000,150.00. Following the completion of the transaction, the director now directly owns 113,114 shares in the company, valued at approximately $22,626,193.42. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,371 shares of company stock valued at $2,963,506. Company insiders own 13.23% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of research reports. Oppenheimer restated an “initiates” rating on shares of Veeva Systems in a research report on Wednesday, July 27th. JMP Securities lowered their price objective on shares of Veeva Systems from $265.00 to $240.00 and set a “market outperform” rating for the company in a research report on Thursday, June 2nd. The Goldman Sachs Group assumed coverage on shares of Veeva Systems in a research report on Thursday, June 23rd. They set a “buy” rating and a $253.00 price objective for the company. Guggenheim reiterated a “buy” rating and set a $252.00 price objective on shares of Veeva Systems in a research report on Tuesday, June 21st. Finally, Citigroup increased their price objective on shares of Veeva Systems to $232.00 in a research report on Friday, June 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus target price of $243.68.

About Veeva Systems

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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