Bank of Marin Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Bank of Marin acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,452 shares of the technology company’s stock, valued at approximately $305,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares during the period. Vanguard Group Inc. boosted its stake in Veeva Systems by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the period. Swedbank AB bought a new position in Veeva Systems in the 1st quarter worth about $227,673,000. Matrix Capital Management Company LP increased its stake in shares of Veeva Systems by 635.4% in the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares during the period. Finally, Acadian Asset Management LLC raised its holdings in shares of Veeva Systems by 83.8% during the first quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after buying an additional 281,993 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The shares were 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of the firm’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 transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 20.66 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

Veeva Systems Trading Down 2.9 %

VEEV traded down $6.56 during trading on Friday, hitting $223.15. The stock had a trading volume of 85,801 shares, compared to its average volume of 939,634. The firm has a market cap of $36.13 billion, a PE ratio of 59.39, a P/E/G ratio of 2.25 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68. The company has a 50 day simple moving average of $215.42 and a 200-day simple moving average of $200.69.

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

Wall Street Analyst Weigh In

Several analysts recently commented on VEEV shares. Truist Financial raised their target price on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Citigroup raised their price target on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Barclays raised their target price on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $237.00.

Veeva Systems 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.