Summit Global Investments Invests $5.59 Million in Veeva Systems Inc. (NYSE:VEEV)

Summit Global Investments purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 26,649 shares of the technology company's stock, valued at approximately $5,593,000.

Other institutional investors also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the third quarter valued at $26,000. Advisors Asset Management Inc. purchased a new position in Veeva Systems during the 1st quarter worth approximately $28,000. Blue Trust Inc. increased its position in Veeva Systems by 3,460.0% during 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 period. DT Investment Partners LLC acquired a new stake in shares of Veeva Systems in the second quarter valued at approximately $35,000. Finally, Larson Financial Group LLC grew its position in shares of Veeva Systems by 1,153.8% during the first quarter. Larson Financial Group LLC now owns 163 shares of the technology company's stock worth $38,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

VEEV stock traded up $11.64 on Friday, reaching $235.03. The company had a trading volume of 1,642,836 shares, compared to its average volume of 939,800. The company's fifty day moving average is $213.48 and its 200 day moving average is $199.34. The company has a market cap of $38.06 billion, a P/E ratio of 63.20, a PEG ratio of 2.10 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $240.68.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data 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 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. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on VEEV. BNP Paribas began coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They set an "outperform" rating and a $286.00 price target for the company. Bank of America upped their price objective on Veeva Systems from $204.00 to $240.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. Guggenheim upped their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. UBS Group lifted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a research report on Monday, August 26th. Finally, 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 research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $237.00.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.50% of the company's stock.

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.