Pinnacle Bancorp Inc. Buys 88 Shares of Veeva Systems Inc. (NYSE:VEEV)

Pinnacle Bancorp Inc. lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 74.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 206 shares of the technology company’s stock after acquiring an additional 88 shares during the quarter. Pinnacle Bancorp Inc.’s holdings in Veeva Systems were worth $48,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC boosted its position in Veeva Systems by 2,716.7% during the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock worth $36,000 after purchasing an additional 163 shares during the period. Howard Capital Management Inc. lifted its stake in shares of Veeva Systems by 7.5% in the fourth quarter. Howard Capital Management Inc. now owns 1,177 shares of the technology company’s stock worth $247,000 after buying an additional 82 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Veeva Systems by 5.1% during the 4th quarter. Amalgamated Bank now owns 10,429 shares of the technology company’s stock worth $2,193,000 after buying an additional 505 shares during the period. Los Angeles Capital Management LLC lifted its position in Veeva Systems by 60.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 6,552 shares of the technology company’s stock worth $1,378,000 after acquiring an additional 2,474 shares during the last quarter. Finally, FFT Wealth Management LLC bought a new stake in Veeva Systems during the fourth quarter valued at about $223,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VEEV. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Piper Sandler lifted their price target on Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a research report on Thursday, May 29th. Truist Financial increased their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a research report on Thursday, May 29th. Morgan Stanley raised their price objective on shares of Veeva Systems from $201.00 to $210.00 and gave the stock an “underweight” rating in a research note on Thursday, May 29th. Finally, Citigroup upped their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.80.

Veeva Systems Stock Down 0.7%

Shares of VEEV opened at $279.64 on Thursday. The company has a 50-day moving average price of $252.45 and a two-hundred day moving average price of $235.03. The stock has a market cap of $45.70 billion, a price-to-earnings ratio of 59.25, a P/E/G ratio of 2.19 and a beta of 0.99. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to analysts’ expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. Veeva Systems’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 EPS. Equities research analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction dated Friday, April 4th. The shares were 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. This trade represents a 41.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at $1,960,701.60. This represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,184 shares of company stock worth $1,376,179 over the last three months. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Profile

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.