Veeva Systems Inc. (NYSE:VEEV) Shares Purchased by Cardinal Capital Management

Cardinal Capital Management increased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.0% during the first quarter, HoldingsChannel.com reports. The fund owned 16,044 shares of the technology company’s stock after buying an additional 317 shares during the period. Cardinal Capital Management’s holdings in Veeva Systems were worth $3,716,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the 4th quarter valued at about $25,000. Smithfield Trust Co boosted its holdings in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. Venturi Wealth Management LLC boosted its holdings in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after purchasing an additional 163 shares during the last quarter. Promus Capital LLC acquired a new position in Veeva Systems in the 4th quarter valued at about $36,000. Finally, Itau Unibanco Holding S.A. boosted its holdings in Veeva Systems by 389.2% in the 4th quarter. Itau Unibanco Holding S.A. now owns 181 shares of the technology company’s stock valued at $38,000 after purchasing an additional 144 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Robert W. Baird boosted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Mizuho boosted their price target on shares of Veeva Systems from $280.00 to $295.00 and gave the company an “outperform” rating in a research note on Monday, June 2nd. Scotiabank boosted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. Piper Sandler boosted their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.80.

Veeva Systems Stock Up 0.6%

NYSE VEEV opened at $284.24 on Tuesday. Veeva Systems Inc. has a 52 week low of $176.41 and a 52 week high of $291.69. The stock has a market capitalization of $46.45 billion, a PE ratio of 70.18, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The firm has a 50 day moving average of $243.74 and a two-hundred day moving average of $232.79.

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

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now owns 25,889 shares of the company’s stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock worth $1,376,179 in the last 90 days. Company insiders own 10.30% of the company’s stock.

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.