Fairscale Capital LLC Acquires Shares of 244 Veeva Systems Inc. (NYSE:VEEV)

Fairscale Capital LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 244 shares of the technology company’s stock, valued at approximately $46,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Western Pacific Wealth Management LP boosted its holdings in shares of 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 period. OV Management LLC lifted its holdings in Veeva Systems by 1.0% during the 2nd quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock worth $1,219,000 after purchasing an additional 63 shares during the last quarter. Simplicity Wealth LLC boosted its stake in Veeva Systems by 1.7% in the 2nd quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock valued at $737,000 after purchasing an additional 69 shares during the period. Elo Mutual Pension Insurance Co grew its holdings in Veeva Systems by 0.5% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,047 shares of the technology company’s stock valued at $2,571,000 after buying an additional 70 shares in the last quarter. Finally, Wedmont Private Capital increased its position in Veeva Systems by 3.8% during the 1st quarter. Wedmont Private Capital now owns 1,981 shares of the technology company’s stock worth $429,000 after buying an additional 72 shares during the period. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the topic of several research reports. Truist Financial upped their price target on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. Stifel Nicolaus decreased their target price on shares of Veeva Systems from $250.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, May 31st. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. TD Cowen increased their price target on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Finally, Evercore ISI lowered their price objective on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating on the stock in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $229.96.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the sale, the senior vice president now owns 9,035 shares in the company, valued at approximately $1,807,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $214.88 on Monday. The stock’s 50 day moving average is $199.25 and its 200 day moving average is $201.42. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The firm has a market cap of $34.74 billion, a P/E ratio of 63.39, a P/E/G ratio of 2.12 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $667.21 million. Equities analysts anticipate that Veeva Systems Inc. will post 4.2 earnings per share for the current fiscal year.

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.