Principal Financial Group Inc. Acquires 1,267,061 Shares of Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. grew its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 138.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,179,284 shares of the technology company's stock after purchasing an additional 1,267,061 shares during the period. Principal Financial Group Inc. owned about 1.35% of Veeva Systems worth $457,366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Patriot Financial Group Insurance Agency LLC grew its stake in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock valued at $1,453,000 after buying an additional 48 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company's stock valued at $2,138,000 after acquiring an additional 52 shares in the last quarter. Western Pacific Wealth Management LP increased its position in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company's stock worth $71,000 after acquiring an additional 58 shares during the period. Park Place Capital Corp boosted its holdings in Veeva Systems by 11.5% in the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company's stock valued at $120,000 after purchasing an additional 59 shares during the period. Finally, Quintet Private Bank Europe S.A. grew its position in shares of Veeva Systems by 13.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company's stock worth $108,000 after purchasing an additional 61 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 2,353 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were 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 owns 9,035 shares of the company's stock, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $6.94 during midday trading on Thursday, reaching $223.39. The stock had a trading volume of 1,188,290 shares, compared to its average volume of 936,422. The company's 50 day moving average price is $213.48 and its 200 day moving average price is $199.34. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The firm has a market cap of $36.17 billion, a price-to-earnings ratio of 59.39, a price-to-earnings-growth ratio of 2.07 and a beta of 0.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $667.21 million. Equities analysts forecast that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VEEV has been the subject of several recent research reports. Bank of America boosted their price target on Veeva Systems from $204.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $250.00 price target on shares of Veeva Systems in a research note on Thursday, August 29th. Truist Financial raised their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a "hold" rating in a report on Tuesday, September 3rd. Robert W. Baird dropped their target price on shares of 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, Needham & Company LLC reiterated a "buy" rating and set a $260.00 price target on shares of Veeva Systems in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average price target of $232.87.

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.