Alhambra Investment Management LLC Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Alhambra Investment Management LLC lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 23.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,521 shares of the technology company’s stock after acquiring an additional 287 shares during the period. Alhambra Investment Management LLC’s holdings in Veeva Systems were worth $352,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems during the 4th quarter worth about $25,000. Smithfield Trust Co lifted its holdings in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after acquiring an additional 80 shares during the period. Avion Wealth lifted its holdings in shares of Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after acquiring an additional 127 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock worth $36,000 after acquiring an additional 163 shares during the period. Finally, Promus Capital LLC purchased a new position in shares of Veeva Systems during the 4th quarter worth about $36,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a report on Thursday, May 29th. UBS Group increased their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. Scotiabank increased their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. Piper Sandler raised their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Finally, Robert W. Baird lifted their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $269.80.

Veeva Systems Trading Up 0.2%

VEEV stock opened at $283.96 on Wednesday. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.68. The company has a market capitalization of $46.20 billion, a price-to-earnings ratio of 70.11, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The firm’s 50-day moving average is $237.95 and its two-hundred day moving average is $231.16.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the previous year, the firm earned $1.50 EPS. Veeva Systems’s revenue was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is owned by corporate insiders.

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.