Daiwa Securities Group Inc. Buys 7,400 Shares of Veeva Systems Inc. (NYSE:VEEV)

Daiwa Securities Group Inc. raised its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 69.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,006 shares of the technology company’s stock after buying an additional 7,400 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Veeva Systems were worth $3,779,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems during the 3rd quarter worth $26,000. Advisors Asset Management Inc. acquired a new position in shares of Veeva Systems during the first quarter valued at about $28,000. Blue Trust Inc. raised its holdings in shares of Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after buying an additional 173 shares during the last quarter. DT Investment Partners LLC acquired a new position in shares of Veeva Systems in the second quarter valued at about $35,000. Finally, Mather Group LLC. increased its holdings in Veeva Systems by 166.3% in the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after buying an additional 158 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BNP Paribas assumed coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price for the company. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Bank of America upped their price target on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Truist Financial raised their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada upped their price objective on Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $236.92.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $226.88 on Wednesday. Veeva Systems Inc. has a 52-week low of $165.12 and a 52-week high of $240.68. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 60.50, a PEG ratio of 2.09 and a beta of 0.81. The firm’s 50-day moving average is $214.98 and its 200-day moving average is $201.48.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Sell-side analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current fiscal 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.