Fred Alger Management LLC Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Fred Alger Management LLC raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 0.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 79,589 shares of the technology company’s stock after acquiring an additional 344 shares during the quarter. Fred Alger Management LLC’s holdings in Veeva Systems were worth $16,703,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems during the 3rd quarter valued at approximately $26,000. Advisors Asset Management Inc. bought a new stake in Veeva Systems during the 1st quarter valued at $28,000. Blue Trust Inc. lifted its position in shares of Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new stake in shares of Veeva Systems during the second quarter worth $35,000. Finally, Mather Group LLC. boosted its holdings in shares of Veeva Systems by 166.3% in the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after acquiring an additional 158 shares during the period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $227.94 on Friday. Veeva Systems Inc. has a fifty-two week low of $165.12 and a fifty-two week high of $240.68. The company has a market capitalization of $36.91 billion, a P/E ratio of 60.78, a PEG ratio of 2.20 and a beta of 0.81. The stock has a 50 day moving average price of $215.71 and a two-hundred day moving average price of $202.00.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, equities analysts predict that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on VEEV shares. Robert W. Baird dropped their price objective on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, October 28th. Citigroup upped their price target on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Barclays raised their price objective on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. BNP Paribas assumed coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price on the stock. Finally, Raymond James increased their target price on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.92.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 10.50% of the company’s stock.

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.