Massachusetts Financial Services Co. MA Raises Position in Veeva Systems Inc. (NYSE:VEEV)

Massachusetts Financial Services Co. MA boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 64.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,545,451 shares of the technology company’s stock after buying an additional 1,392,256 shares during the period. Massachusetts Financial Services Co. MA owned 2.19% of Veeva Systems worth $744,084,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in VEEV. Patriot Financial Group Insurance Agency LLC raised its stake in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after buying an additional 50 shares during the last quarter. Clearbridge Investments LLC lifted its stake in shares of Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after buying an additional 52 shares in the last quarter. Western Pacific Wealth Management LP boosted its position in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after acquiring an additional 58 shares during the last quarter. Finally, Park Place Capital Corp grew its stake in Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after acquiring an additional 59 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of the company’s 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 of the company’s stock, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 10.50% of the company’s stock.

Veeva Systems Trading Up 1.7 %

Shares of NYSE VEEV opened at $214.22 on Friday. The stock has a market cap of $34.69 billion, a price-to-earnings ratio of 57.13, a PEG ratio of 2.03 and a beta of 0.81. The company’s 50-day moving average price is $214.57 and its 200 day moving average price is $201.09. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results 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 business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. As a group, research analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. UBS Group upped their price target on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Truist Financial upped their target price on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. Royal Bank of Canada boosted their price target 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. Piper Sandler raised their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Bank of America boosted their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a report on Thursday, August 29th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $236.92.

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.