M&G Plc Takes Position in Veeva Systems Inc. (NYSE:VEEV)

M&G Plc bought a new stake in Veeva Systems Inc. (NYSE:VEEV) during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 5,037 shares of the technology company’s stock, valued at approximately $1,169,000.

A number of other institutional investors have also modified their holdings of VEEV. Norges Bank acquired a new stake in shares of Veeva Systems in the 4th quarter valued at about $305,543,000. Linonia Partnership LP acquired a new stake in Veeva Systems during the fourth quarter worth about $157,043,000. Van ECK Associates Corp raised its stake in Veeva Systems by 22.6% during the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after acquiring an additional 327,662 shares during the period. Epoch Investment Partners Inc. raised its stake in Veeva Systems by 104.2% during the fourth quarter. Epoch Investment Partners Inc. now owns 445,047 shares of the technology company’s stock worth $85,680,000 after acquiring an additional 227,109 shares during the period. Finally, TD Asset Management Inc raised its stake in Veeva Systems by 27.5% during the fourth quarter. TD Asset Management Inc now owns 1,044,461 shares of the technology company’s stock worth $201,080,000 after acquiring an additional 225,055 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $2.82 during mid-day trading on Friday, hitting $183.25. The company had a trading volume of 1,046,449 shares, compared to its average volume of 851,148. The business’s 50-day simple moving average is $189.24 and its 200-day simple moving average is $204.68. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90. The firm has a market cap of $29.62 billion, a P/E ratio of 54.06, a PEG ratio of 1.80 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, May 30th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.10. The company had revenue of $650.35 million during the quarter, compared to analysts’ expectations of $641.73 million. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.19 EPS for the current year.

Insider Activity at Veeva Systems

In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the transaction, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at $1,546,713.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $184.33, for a total value of $2,764,950.00. Following the completion of the sale, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alan Mateo sold 3,391 shares of Veeva Systems stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on VEEV shares. Needham & Company LLC restated a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research report on Monday, July 15th. BTIG Research started coverage on shares of Veeva Systems in a research report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 target price for the company. Bank of America decreased their price objective on shares of Veeva Systems from $240.00 to $204.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Citigroup cut their target price on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating for the company in a research note on Monday, June 3rd. Finally, Robert W. Baird upped their price target on shares of Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.27.

Veeva Systems Company 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.