New England Research & Management Inc. Purchases New Stake in Veeva Systems Inc. (NYSE:VEEV)

New England Research & Management Inc. acquired a new position in Veeva Systems Inc. (NYSE:VEEV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 3,725 shares of the technology company’s stock, valued at approximately $782,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Veeva Systems by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after acquiring an additional 991,208 shares during the period. Van ECK Associates Corp lifted its holdings in Veeva Systems by 9.0% during the first quarter. Van ECK Associates Corp now owns 1,934,150 shares of the technology company’s stock valued at $448,123,000 after purchasing an additional 159,085 shares during the last quarter. TD Asset Management Inc boosted its position in Veeva Systems by 17.5% during the first quarter. TD Asset Management Inc now owns 1,227,223 shares of the technology company’s stock worth $284,335,000 after purchasing an additional 182,762 shares during the period. Swedbank AB increased its stake in shares of Veeva Systems by 4.9% in the second quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock worth $188,695,000 after purchasing an additional 48,402 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Veeva Systems by 1,122.3% in the second quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock valued at $166,946,000 after purchasing an additional 837,593 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

VEEV stock traded down $2.84 during mid-day trading on Monday, hitting $201.83. 640,125 shares of the stock were exchanged, compared to its average volume of 960,173. The stock has a market capitalization of $32.63 billion, a price-to-earnings ratio of 59.53, a PEG ratio of 2.02 and a beta of 0.81. The business has a fifty day moving average price of $203.71 and a 200 day moving average price of $199.86. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. As a group, equities analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of recent research reports. Barclays lifted their price objective on shares of Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Guggenheim lifted their price target on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. BTIG Research started coverage on Veeva Systems in a report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price objective on the stock. Truist Financial raised their target price on Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research note on Tuesday, September 3rd. Finally, Robert W. Baird upped their price target on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.65.

Insider Activity at Veeva Systems

In related 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 value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.50% of the stock is currently owned by company insiders.

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.