Van ECK Associates Corp Increases Position in Veeva Systems Inc. (NYSE:VEEV)

Van ECK Associates Corp lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,995,006 shares of the technology company's stock after acquiring an additional 71,525 shares during the quarter. Van ECK Associates Corp owned 1.23% of Veeva Systems worth $434,372,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Procyon Advisors LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at approximately $712,000. Envestnet Portfolio Solutions Inc. increased its position in Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company's stock worth $5,450,000 after buying an additional 9,232 shares during the last quarter. BNP Paribas Financial Markets increased its position in Veeva Systems by 30.8% in the first quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company's stock worth $20,626,000 after buying an additional 20,982 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in Veeva Systems in the first quarter worth $5,112,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Veeva Systems by 46.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company's stock worth $30,786,000 after buying an additional 42,396 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $3.95 during midday trading on Friday, hitting $212.78. The company had a trading volume of 576,614 shares, compared to its average volume of 705,087. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90. The company has a market cap of $34.46 billion, a price-to-earnings ratio of 56.74, a PEG ratio of 2.03 and a beta of 0.81. The company has a fifty day moving average of $212.62 and a two-hundred day moving average of $199.03.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%. Research analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of recent research reports. UBS Group raised their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a "neutral" rating in a research report on Monday, August 26th. TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a "hold" rating in a research report on Thursday, August 29th. Bank of America raised their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a "neutral" rating in a research report on Thursday, August 29th. Robert W. Baird reduced their price target on Veeva Systems from $251.00 to $245.00 and set an "outperform" rating for the company in a research report on Monday, October 28th. Finally, StockNews.com cut Veeva Systems from a "buy" rating to a "hold" rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $232.87.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company's stock, valued at approximately $1,807,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by corporate insiders.

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.