Cetera Investment Advisers Acquires 63,922 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cetera Investment Advisers raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 284.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,405 shares of the technology company’s stock after purchasing an additional 63,922 shares during the quarter. Cetera Investment Advisers’ holdings in Veeva Systems were worth $20,019,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank bought a new position in shares of Veeva Systems in the 4th quarter valued at about $305,543,000. Vanguard Group Inc. lifted its stake in shares of Veeva Systems by 7.5% in the 1st 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 period. Swedbank AB bought a new position in shares of Veeva Systems in the 1st quarter worth $227,673,000. Linonia Partnership LP acquired a new stake in shares of Veeva Systems during the fourth quarter worth $157,043,000. Finally, Matrix Capital Management Company LP increased its holdings in Veeva Systems by 635.4% in 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 purchasing an additional 430,989 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Down 2.1 %

Shares of NYSE VEEV traded down $4.00 during mid-day trading on Friday, reaching $185.14. 743,735 shares of the company were exchanged, compared to its average volume of 885,650. The stock has a market capitalization of $29.93 billion, a P/E ratio of 54.62, a P/E/G ratio of 1.85 and a beta of 0.80. The company’s 50-day simple moving average is $185.57 and its 200-day simple moving average is $204.18. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90.

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, topping the consensus estimate of $0.93 by $0.10. Veeva Systems had a net margin of 22.34% and a return on equity of 12.74%. The firm had revenue of $650.35 million during the quarter, compared to the consensus estimate of $641.73 million. As a group, equities research analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current year.

Analyst Ratings Changes

VEEV has been the topic of a number of recent analyst reports. BTIG Research began coverage on Veeva Systems in a report on Tuesday, July 9th. They set a “buy” rating and a $240.00 target price on the stock. UBS Group lowered their target price on shares of Veeva Systems from $235.00 to $185.00 and set a “neutral” rating for the company in a research note 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 on the stock in a report on Monday, June 3rd. Morgan Stanley decreased their price target on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a report on Friday, May 31st. Finally, Barclays dropped their price objective on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $228.27.

Insider Activity at Veeva Systems

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the transaction, the chief financial officer now owns 8,391 shares in the company, valued at approximately $1,546,713.03. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.50% of the stock is currently owned by corporate insiders.

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.