Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Spyglass Capital Management LLC

Spyglass Capital Management LLC boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 224,143 shares of the technology company’s stock after buying an additional 13,537 shares during the period. Veeva Systems accounts for 3.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 20th largest holding. Spyglass Capital Management LLC’s holdings in Veeva Systems were worth $47,041,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in VEEV. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Veeva Systems in the 3rd quarter valued at $26,000. Advisors Asset Management Inc. acquired a new stake in shares of Veeva Systems in the 1st quarter valued at $28,000. Blue Trust Inc. raised its holdings in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after purchasing an additional 173 shares in the last quarter. DT Investment Partners LLC acquired a new stake in shares of Veeva Systems in the 2nd quarter valued at $35,000. Finally, Mather Group LLC. raised its holdings in shares of Veeva Systems by 166.3% in the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock valued at $46,000 after purchasing an additional 158 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research report on Friday, November 8th. Royal Bank of Canada increased their target price on shares of Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. increased their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. UBS Group increased their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Finally, BNP Paribas initiated coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $236.92.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Down 0.1 %

Shares of NYSE VEEV opened at $226.76 on Friday. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The firm has a 50-day moving average price of $215.45 and a 200 day moving average price of $201.83. The stock has a market capitalization of $36.72 billion, a price-to-earnings ratio of 60.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Equities research analysts expect that Veeva Systems Inc. will post 4.19 EPS for the current fiscal year.

About Veeva Systems

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.