Bank of Montreal Can Acquires 111,724 Shares of Veeva Systems Inc. (NYSE:VEEV)

Bank of Montreal Can raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 272.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,697 shares of the technology company’s stock after purchasing an additional 111,724 shares during the quarter. Bank of Montreal Can’s holdings in Veeva Systems were worth $28,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. APG Asset Management US Inc. purchased a new position in shares of Veeva Systems in the 4th quarter worth about $5,756,000. Eisler Capital UK Ltd. bought a new stake in Veeva Systems in the fourth quarter worth about $1,408,000. Oberndorf William E purchased a new position in Veeva Systems in the fourth quarter valued at about $8,011,000. Envestnet Portfolio Solutions Inc. grew its position in shares of Veeva Systems by 44.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after acquiring an additional 9,232 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in shares of Veeva Systems by 30.8% during the 1st quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock worth $20,626,000 after purchasing an additional 20,982 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

VEEV stock opened at $210.90 on Friday. The firm has a 50 day simple moving average of $201.22 and a two-hundred day simple moving average of $201.23. The stock has a market cap of $34.15 billion, a PE ratio of 62.21, a P/E/G ratio of 2.02 and a beta of 0.81. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90.

Veeva Systems (NYSE:VEEV) last released its 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 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 analysts’ expectations of $667.21 million. On average, research analysts expect that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. UBS Group upped their price objective on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Canaccord Genuity Group dropped their price target on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Friday, May 31st. Robert W. Baird lifted their price objective on Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Citigroup boosted 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. Finally, Piper Sandler increased their target price on shares of Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $229.96.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the company’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 value 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. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is currently owned by insiders.

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.