Harrington Investments INC Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Harrington Investments INC boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,005 shares of the technology company’s stock after acquiring an additional 295 shares during the period. Harrington Investments INC’s holdings in Veeva Systems were worth $1,623,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock valued at $1,086,930,000 after acquiring an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems during the 4th quarter worth $685,355,000. FMR LLC lifted its stake in shares of Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after acquiring an additional 232,116 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock valued at $631,935,000 after acquiring an additional 447,041 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on VEEV. KeyCorp decreased their target price on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Truist Financial lifted their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a “hold” rating in a research report on Thursday, May 29th. UBS Group raised their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a “neutral” rating in a research report on Thursday, May 29th. Barclays upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Finally, Stifel Nicolaus increased their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a “buy” rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $269.80.

Veeva Systems Price Performance

Veeva Systems stock opened at $285.08 on Friday. Veeva Systems Inc. has a 12-month low of $176.41 and a 12-month high of $291.68. The company has a market capitalization of $46.38 billion, a price-to-earnings ratio of 70.39, a price-to-earnings-growth ratio of 1.89 and a beta of 0.99. The firm’s fifty day moving average price is $235.57 and its 200 day moving average price is $230.08.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to analysts’ expectations of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.50 earnings per share. Analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Company 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.