M&G Plc Boosts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

M&G Plc raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 21.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,128 shares of the technology company’s stock after purchasing an additional 1,091 shares during the quarter. M&G Plc’s holdings in Veeva Systems were worth $1,121,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position 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 worth $3,278,430,000 after buying an additional 991,208 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in Veeva Systems by 6.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock worth $417,376,000 after purchasing an additional 122,546 shares during the last quarter. Van ECK Associates Corp boosted its position in Veeva Systems by 9.0% during the first quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock worth $448,123,000 after purchasing an additional 159,085 shares in the last quarter. Norges Bank acquired a new stake in Veeva Systems in the fourth quarter valued at $305,543,000. Finally, TD Asset Management Inc grew its holdings in Veeva Systems by 17.5% in the first quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock valued at $284,335,000 after purchasing an additional 182,762 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $4.85 during trading on Tuesday, reaching $190.27. The company had a trading volume of 504,848 shares, compared to its average volume of 970,213. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $236.90. The business’s 50 day moving average price is $184.84 and its 200-day moving average price is $203.20. The stock has a market cap of $30.76 billion, a PE ratio of 56.40, a PEG ratio of 1.83 and a beta of 0.80.

Veeva Systems (NYSE:VEEV) last posted 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. The firm had revenue of $650.35 million for the quarter, compared to the consensus estimate of $641.73 million. Veeva Systems had a return on equity of 12.74% and a net margin of 22.34%. Equities analysts anticipate that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

Insider Activity

In related news, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 8,391 shares of the company’s stock, valued at approximately $1,546,713.03. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 10.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on VEEV shares. BTIG Research began coverage on shares of Veeva Systems in a research note on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price objective on the stock. Barclays lowered their price target on shares of Veeva Systems from $245.00 to $220.00 and set an “overweight” rating on the stock in a research report on Friday, May 31st. Evercore ISI reduced their target price on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research note on Friday, May 31st. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research report on Friday, June 21st. Finally, Guggenheim upped their price objective on Veeva Systems from $211.00 to $233.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price 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.