Griffin Asset Management Inc. raised its holdings in shares of Veeva Systems Inc (NYSE:VEEV) by 5.7% during the first quarter, Holdings Channel reports. The fund owned 4,440 shares of the technology company’s stock after buying an additional 240 shares during the period. Griffin Asset Management Inc.’s holdings in Veeva Systems were worth $563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of VEEV. Metropolitan Life Insurance Co. NY grew its holdings in shares of Veeva Systems by 0.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 9,355 shares of the technology company’s stock worth $836,000 after purchasing an additional 83 shares during the last quarter. Hanson McClain Inc. boosted its holdings in Veeva Systems by 67.2% in the first quarter. Hanson McClain Inc. now owns 224 shares of the technology company’s stock valued at $28,000 after acquiring an additional 90 shares in the last quarter. Utah Retirement Systems boosted its holdings in Veeva Systems by 0.4% in the fourth quarter. Utah Retirement Systems now owns 22,400 shares of the technology company’s stock valued at $2,001,000 after acquiring an additional 100 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Veeva Systems by 7.8% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,402 shares of the technology company’s stock valued at $125,000 after acquiring an additional 102 shares in the last quarter. Finally, Cadence Capital Management LLC boosted its holdings in Veeva Systems by 0.9% in the first quarter. Cadence Capital Management LLC now owns 12,398 shares of the technology company’s stock valued at $1,573,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 77.96% of the company’s stock.

Shares of Veeva Systems stock opened at $143.11 on Wednesday. The firm has a market cap of $20.16 billion, a price-to-earnings ratio of 115.41, a PEG ratio of 6.26 and a beta of 1.71. Veeva Systems Inc has a 12 month low of $73.47 and a 12 month high of $145.70.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.31 by $0.04. The business had revenue of $232.32 million during the quarter, compared to analyst estimates of $227.15 million. Veeva Systems had a return on equity of 16.91% and a net margin of 26.66%. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. As a group, equities research analysts forecast that Veeva Systems Inc will post 1.53 EPS for the current fiscal year.

VEEV has been the topic of several recent analyst reports. Morgan Stanley lifted their price target on shares of Veeva Systems from $112.00 to $123.00 and gave the company an “overweight” rating in a report on Monday, February 25th. ValuEngine upgraded shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Zacks Investment Research cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday, February 18th. DA Davidson lifted their price target on shares of Veeva Systems to $160.00 and gave the company a “buy” rating in a report on Friday, April 12th. Finally, Barclays initiated coverage on shares of Veeva Systems in a report on Wednesday, February 20th. They issued an “equal weight” rating and a $130.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $122.06.

In other Veeva Systems news, insider Eleni Nitsa Zuppas sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $113.06, for a total transaction of $565,300.00. Following the completion of the transaction, the insider now owns 13,438 shares of the company’s stock, valued at $1,519,300.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Timothy S. Cabral sold 48,765 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $113.91, for a total value of $5,554,821.15. Following the transaction, the chief financial officer now directly owns 23,074 shares of the company’s stock, valued at approximately $2,628,359.34. The disclosure for this sale can be found here. Insiders have sold 123,542 shares of company stock valued at $15,168,295 in the last three months. Insiders own 14.38% of the company’s stock.

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About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading: Liquidity

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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