Stonegate Investment Group LLC Purchases 2,247 Shares of Veeva Systems Inc. (NYSE:VEEV)

Stonegate Investment Group LLC lifted its position in Veeva Systems Inc. (NYSE:VEEV) by 23.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,644 shares of the technology company’s stock after acquiring an additional 2,247 shares during the period. Stonegate Investment Group LLC’s holdings in Veeva Systems were worth $2,698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Veeva Systems in the 4th quarter worth about $305,543,000. Linonia Partnership LP bought a new position in Veeva Systems during the 4th quarter valued at approximately $157,043,000. Invesco Ltd. raised its stake in Veeva Systems by 239.7% during the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock valued at $194,570,000 after buying an additional 674,785 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Veeva Systems by 34.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock worth $416,139,000 after acquiring an additional 522,257 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Veeva Systems by 22.6% during the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after acquiring an additional 327,662 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Veeva Systems stock traded down $3.05 during midday trading on Tuesday, hitting $198.53. 549,494 shares of the company’s stock were exchanged, compared to its average volume of 963,853. Veeva Systems Inc. has a 12 month low of $160.21 and a 12 month high of $236.90. The company has a market cap of $32.03 billion, a PE ratio of 61.66, a P/E/G ratio of 2.03 and a beta of 0.74. The firm has a 50-day moving average of $218.51 and a two-hundred day moving average of $202.22.

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

Insider Buying and Selling

In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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. Also, Director Timothy S. Cabral sold 15,000 shares of the firm’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 completion of the sale, the director now owns 23,391 shares of the company’s stock, valued at $5,287,301.64. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock worth $4,818,013 in the last three months. 10.98% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on VEEV. Oppenheimer reissued an “outperform” rating and issued a $225.00 target price on shares of Veeva Systems in a report on Thursday, February 22nd. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Truist Financial raised their target price on shares of Veeva Systems from $187.00 to $203.00 and gave the stock a “hold” rating in a report on Friday, March 1st. JPMorgan Chase & Co. increased their price objective 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, Barclays boosted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $234.90.

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.