1,262 Shares in Veeva Systems Inc. (NYSE:VEEV) Purchased by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC acquired a new position in Veeva Systems Inc. (NYSE:VEEV) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,262 shares of the technology company’s stock, valued at approximately $231,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Western Pacific Wealth Management LP lifted its position 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 valued at $71,000 after buying an additional 58 shares during the last quarter. OV Management LLC lifted its position in shares of Veeva Systems by 1.0% during the second quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock valued at $1,219,000 after buying an additional 63 shares during the last quarter. Simplicity Wealth LLC lifted its position in shares of Veeva Systems by 1.7% during the second quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock valued at $737,000 after buying an additional 69 shares during the last quarter. Elo Mutual Pension Insurance Co lifted its position in shares of Veeva Systems by 0.5% during the second 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 during the last quarter. Finally, Wedmont Private Capital lifted its position in shares of Veeva Systems by 3.8% during the first quarter. Wedmont Private Capital now owns 1,981 shares of the technology company’s stock valued at $429,000 after buying an additional 72 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 10.50% of the stock is owned by insiders.

Veeva Systems Price Performance

NYSE:VEEV opened at $207.65 on Wednesday. The firm has a market cap of $33.62 billion, a price-to-earnings ratio of 61.25, a price-to-earnings-growth ratio of 2.05 and a beta of 0.81. The company has a 50 day moving average price of $202.65 and a 200-day moving average price of $200.37. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its 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. The firm had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. TD Cowen increased their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. UBS Group increased their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, August 26th. Citigroup increased their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Finally, BTIG Research initiated coverage on shares of Veeva Systems in a research report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.65.

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.