Moran Wealth Management LLC Grows Stake in Veeva Systems Inc. (NYSE:VEEV)

Moran Wealth Management LLC raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 3.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 62,758 shares of the technology company’s stock after acquiring an additional 2,022 shares during the period. Moran Wealth Management LLC’s holdings in Veeva Systems were worth $13,171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of VEEV. General American Investors Co. Inc. bought a new stake in Veeva Systems in the third quarter valued at approximately $5,133,000. Procyon Advisors LLC bought a new stake in Veeva Systems during the third quarter worth about $712,000. Envestnet Portfolio Solutions Inc. increased its position in Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after buying an additional 9,232 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Veeva Systems by 46.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock valued at $30,786,000 after purchasing an additional 42,396 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on VEEV shares. Truist Financial raised their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. BNP Paribas began coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target for the company. Robert W. Baird cut their price objective on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, October 28th. Raymond James upped 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. Finally, Guggenheim upped their target price on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $236.92.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the 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 sale, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Up 0.2 %

NYSE:VEEV traded up $0.32 on Wednesday, reaching $210.21. The stock had a trading volume of 224,102 shares, compared to its average volume of 948,685. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68. The stock has a fifty day moving average price of $214.95 and a 200-day moving average price of $200.93. The company has a market capitalization of $34.04 billion, a P/E ratio of 55.95, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Sell-side analysts predict that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

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.