Montanaro Asset Management Ltd Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Montanaro Asset Management Ltd raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 80,250 shares of the technology company's stock after purchasing an additional 3,900 shares during the period. Veeva Systems accounts for approximately 3.0% of Montanaro Asset Management Ltd's investment portfolio, making the stock its 13th biggest position. Montanaro Asset Management Ltd's holdings in Veeva Systems were worth $16,842,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in VEEV. Covestor Ltd grew its holdings in Veeva Systems by 20.1% during the third quarter. Covestor Ltd now owns 841 shares of the technology company's stock worth $176,000 after buying an additional 141 shares in the last quarter. Mesirow Financial Investment Management Inc. bought a new position in shares of Veeva Systems during the 3rd quarter worth $377,000. RKL Wealth Management LLC bought a new position in shares of Veeva Systems during the 3rd quarter worth $219,000. Atria Investments Inc grew its stake in shares of Veeva Systems by 13.7% during the 3rd quarter. Atria Investments Inc now owns 14,999 shares of the technology company's stock worth $3,148,000 after acquiring an additional 1,811 shares during the period. Finally, Bridges Investment Management Inc. purchased a new stake in Veeva Systems during the 3rd quarter worth about $269,000. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VEEV. Barclays raised their price objective on Veeva Systems from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Friday. Citigroup lifted their price objective on Veeva Systems from $256.00 to $273.00 and gave the company a "buy" rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a report on Monday, September 9th. BNP Paribas initiated coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an "outperform" rating and a $286.00 price objective for the company. Finally, Royal Bank of Canada boosted their price target on Veeva Systems from $250.00 to $275.00 and gave the company an "outperform" rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $237.00.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the company's stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares of the company's stock, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by insiders.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $11.61 during trading hours on Friday, hitting $235.00. 2,472,493 shares of the stock were exchanged, compared to its average volume of 752,313. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $240.68. The company's 50 day moving average is $213.98 and its 200 day moving average is $199.75. The firm has a market capitalization of $38.05 billion, a P/E ratio of 62.67, a P/E/G ratio of 2.29 and a beta of 0.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last released 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. The company had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. Research analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

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.