Torray Investment Partners LLC Buys 10,083 Shares of Veeva Systems Inc. (NYSE:VEEV)

Torray Investment Partners LLC increased its stake in Veeva Systems Inc. (NYSE:VEEV) by 44.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,714 shares of the technology company’s stock after acquiring an additional 10,083 shares during the quarter. Torray Investment Partners LLC’s holdings in Veeva Systems were worth $5,987,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Veeva Systems in the 4th quarter worth about $305,543,000. Vanguard Group Inc. lifted its holdings in Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the last quarter. Swedbank AB purchased a new stake in Veeva Systems during the first quarter valued at about $227,673,000. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 1,122.3% during the second quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock valued at $166,946,000 after purchasing an additional 837,593 shares during the last quarter. Finally, Matrix Capital Management Company LP increased its position in shares of Veeva Systems by 635.4% during the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after buying an additional 430,989 shares during the period. Institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on VEEV. UBS Group upped their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Canaccord Genuity Group decreased their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. Finally, TD Cowen increased their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $230.57.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Up 0.3 %

Shares of NYSE VEEV traded up $0.58 during mid-day trading on Friday, reaching $215.89. 775,935 shares of the company were exchanged, compared to its average volume of 965,400. The stock has a market cap of $34.90 billion, a price-to-earnings ratio of 63.68, a P/E/G ratio of 2.12 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90. The firm has a 50-day moving average of $192.22 and a 200 day moving average of $202.00.

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.