Veeva Systems Inc. (NYSE:VEEV) Director Matthew J. Wallach Sells 5,000 Shares of Stock

Veeva Systems Inc. (NYSE:VEEV) Director Matthew J. Wallach sold 5,000 shares of the business’s stock in a transaction on Tuesday, June 8th. The stock was sold at an average price of $295.10, for a total transaction of $1,475,500.00. Following the transaction, the director now owns 6,311 shares of the company’s stock, valued at approximately $1,862,376.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Shares of Veeva Systems stock opened at $294.98 on Friday. Veeva Systems Inc. has a 12-month low of $210.75 and a 12-month high of $325.54. The stock has a market capitalization of $44.90 billion, a PE ratio of 124.99, a PEG ratio of 8.26 and a beta of 0.74. The firm has a 50-day moving average of $270.67.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, May 26th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.13. Veeva Systems had a net margin of 25.94% and a return on equity of 16.09%. The company had revenue of $433.57 million during the quarter, compared to analysts’ expectations of $410.07 million. During the same period last year, the company posted $0.66 earnings per share. The firm’s quarterly revenue was up 28.6% compared to the same quarter last year. Analysts expect that Veeva Systems Inc. will post 2.2 EPS for the current year.

A number of institutional investors have recently modified their holdings of the business. Brown Advisory Inc. increased its stake in shares of Veeva Systems by 2,512.4% during the 1st quarter. Brown Advisory Inc. now owns 1,742,239 shares of the technology company’s stock worth $455,143,000 after purchasing an additional 1,675,548 shares in the last quarter. Jackson Square Partners LLC purchased a new position in shares of Veeva Systems during the 4th quarter worth approximately $407,141,000. BlackRock Inc. increased its stake in shares of Veeva Systems by 17.8% during the 1st quarter. BlackRock Inc. now owns 9,122,905 shares of the technology company’s stock worth $2,383,267,000 after purchasing an additional 1,377,015 shares in the last quarter. Norges Bank purchased a new position in shares of Veeva Systems during the 4th quarter worth approximately $360,803,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Veeva Systems by 6.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,358,412 shares of the technology company’s stock worth $2,706,032,000 after purchasing an additional 612,811 shares in the last quarter. 77.55% of the stock is owned by institutional investors.

Several research firms have issued reports on VEEV. Raymond James restated a “buy” rating on shares of Veeva Systems in a research note on Wednesday, March 31st. Piper Sandler upped their price objective on shares of Veeva Systems from $350.00 to $360.00 and gave the company an “overweight” rating in a research note on Friday, May 28th. Truist upped their price objective on shares of Veeva Systems from $320.00 to $355.00 in a research note on Wednesday, March 3rd. Barclays increased their target price on shares of Veeva Systems from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Friday, May 28th. Finally, Morgan Stanley increased their target price on shares of Veeva Systems from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Friday, May 28th. 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 stock. The company currently has a consensus rating of “Buy” and a consensus target price of $311.65.

About Veeva Systems

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 Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva Andi, Veeva OpenData, Veeva Link, Veeva Network Customer Master, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Doctors; 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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