2,345 Shares in Veeva Systems Inc. (NYSE:VEEV) Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,345 shares of the technology company’s stock, valued at approximately $499,000.

A number of other hedge funds have also bought and sold shares of VEEV. Brookstone Capital Management bought a new position in Veeva Systems during the first quarter valued at $234,000. Wealth Enhancement Advisory Services LLC increased its position in Veeva Systems by 3.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 9,479 shares of the technology company’s stock valued at $2,196,000 after acquiring an additional 293 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Veeva Systems by 1.3% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 402,575 shares of the technology company’s stock valued at $93,273,000 after acquiring an additional 5,352 shares during the last quarter. Norden Group LLC bought a new position in Veeva Systems during the first quarter valued at $304,000. Finally, First Trust Direct Indexing L.P. increased its position in Veeva Systems by 19.0% during the first quarter. First Trust Direct Indexing L.P. now owns 1,403 shares of the technology company’s stock valued at $325,000 after acquiring an additional 224 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Insider Activity

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 transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $214.56 on Thursday. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The company has a market capitalization of $34.74 billion, a PE ratio of 57.22, a P/E/G ratio of 2.06 and a beta of 0.81. The company has a 50-day simple moving average of $212.11 and a two-hundred day simple moving average of $198.89.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The firm had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. On average, equities analysts predict that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VEEV. Truist Financial boosted their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. Barclays boosted their target price on shares of Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Robert W. Baird lowered 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 note on Monday. Citigroup boosted their target price on shares of 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 upped their price objective on shares of Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $232.87.

About Veeva Systems

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.