Farallon Capital Management LLC Acquires Shares of 3,622 Veeva Systems Inc. (NYSE:VEEV)

Farallon Capital Management LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,622 shares of the technology company’s stock, valued at approximately $663,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. Advisors Asset Management Inc. bought a new stake in Veeva Systems during the 1st quarter worth approximately $28,000. DSM Capital Partners LLC purchased a new stake in Veeva Systems in the 4th quarter valued at $29,000. Vermillion & White Wealth Management Group LLC purchased a new position in Veeva Systems during the 4th quarter worth $32,000. Blue Trust Inc. grew its stake in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares in the last quarter. Finally, First Financial Corp IN purchased a new stake in shares of Veeva Systems in the first quarter valued at about $35,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on VEEV. JPMorgan Chase & Co. boosted their price target on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Robert W. Baird upped their target price on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. UBS Group lifted their price target on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Morgan Stanley decreased their target price on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research report on Friday, May 31st. Finally, TD Cowen boosted their price target on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $229.96.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

VEEV opened at $211.04 on Tuesday. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The firm has a market capitalization of $34.12 billion, a P/E ratio of 62.25, a price-to-earnings-growth ratio of 2.12 and a beta of 0.81. The company has a fifty day moving average price of $199.76 and a 200-day moving average price of $201.29.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. On average, analysts expect that Veeva Systems Inc. will post 4.2 earnings per share for the current year.

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.