Principal Financial Group Inc. Boosts Stake in Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. increased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 138.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,179,284 shares of the technology company’s stock after purchasing an additional 1,267,061 shares during the period. Principal Financial Group Inc. owned 1.35% of Veeva Systems worth $457,366,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $26,000. Advisors Asset Management Inc. acquired a new position in shares of Veeva Systems in the first quarter valued at approximately $28,000. Blue Trust Inc. grew its holdings in shares of Veeva Systems by 3,460.0% in the second 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 position in shares of Veeva Systems in the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its holdings in shares of Veeva Systems by 1,153.8% in the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock valued at $38,000 after purchasing an additional 150 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on VEEV shares. Bank of America lifted their price target on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. StockNews.com downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Barclays boosted their price objective on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Guggenheim boosted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. One 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 currently has a consensus rating of “Moderate Buy” and an average price target of $232.87.

Veeva Systems Stock Up 1.8 %

Veeva Systems stock opened at $216.45 on Thursday. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $236.90. The firm’s 50-day simple moving average is $213.48 and its 200 day simple moving average is $199.34. The firm has a market capitalization of $35.05 billion, a PE ratio of 57.72, a P/E/G ratio of 2.07 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping 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 business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. On average, research analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 10.50% of the company’s stock.

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.