Pinkerton Retirement Specialists LLC Takes $2.87 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Pinkerton Retirement Specialists LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,370 shares of the technology company’s stock, valued at approximately $2,865,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Abound Financial LLC bought a new stake in shares of Veeva Systems in the first quarter worth $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems in the first quarter worth $26,000. Golden State Wealth Management LLC increased its stake in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the first quarter worth $32,000. Finally, Key Financial Inc increased its stake in shares of Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after buying an additional 95 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director directly owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 over the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV opened at $282.49 on Tuesday. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $291.69. The company has a market cap of $46.16 billion, a price-to-earnings ratio of 59.85, a price-to-earnings-growth ratio of 2.19 and a beta of 0.98. The firm has a fifty day moving average of $267.01 and a 200-day moving average of $240.17.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. During the same period in the previous year, the business earned $1.50 earnings per share. The company’s revenue was up 16.7% on a year-over-year basis. Analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on VEEV shares. UBS Group lifted their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, May 29th. Barclays lifted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Piper Sandler lifted their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an “overweight” rating in a report on Thursday, May 29th. Raymond James Financial lifted their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, May 29th. Finally, Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a “buy” rating in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $274.17.

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.