Confluence Wealth Services Inc. Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Confluence Wealth Services Inc. bought a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 997 shares of the technology company’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Procyon Advisors LLC acquired a new stake in Veeva Systems during the 3rd quarter valued at approximately $712,000. Envestnet Portfolio Solutions Inc. raised its holdings in Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after acquiring an additional 9,232 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Veeva Systems by 30.8% during the 1st quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after acquiring an additional 20,982 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in Veeva Systems during the 1st quarter worth $5,112,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Veeva Systems by 46.9% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after purchasing an additional 42,396 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. BTIG Research initiated coverage on Veeva Systems in a research note on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price target for the company. Truist Financial raised their price objective on Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research note on Tuesday, September 3rd. Piper Sandler boosted their target price on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Raymond James raised their price target 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. Finally, Robert W. Baird lowered their price objective on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.87.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems 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 owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is owned by insiders.

Veeva Systems Stock Down 0.1 %

NYSE:VEEV opened at $212.53 on Tuesday. The business’s 50-day moving average price is $212.89 and its 200 day moving average price is $199.12. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The firm has a market cap of $34.42 billion, a P/E ratio of 56.67, a PEG ratio of 2.03 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Sell-side analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current year.

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.