Sycomore Asset Management Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Sycomore Asset Management bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the 2nd quarter, Holdings Channel reports. The fund bought 45,033 shares of the technology company’s stock, valued at approximately $8,298,000. Veeva Systems accounts for 1.5% of Sycomore Asset Management’s portfolio, making the stock its 24th largest position.

A number of other hedge funds have also added to or reduced their stakes in VEEV. Advisors Asset Management Inc. bought a new position in shares of Veeva Systems during the 1st quarter worth approximately $28,000. Vermillion & White Wealth Management Group LLC bought a new position in Veeva Systems during the fourth quarter worth $32,000. Blue Trust Inc. boosted its stake 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 acquiring an additional 173 shares in the last quarter. First Financial Corp IN acquired a new stake in Veeva Systems in the first quarter worth $35,000. Finally, DT Investment Partners LLC bought a new stake in Veeva Systems in the second quarter valued at $35,000. 88.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction 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 transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 10.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VEEV. TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research note on Thursday, August 29th. Royal Bank of Canada restated an “outperform” rating and set a $250.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. Truist Financial increased their target price on Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a report on Tuesday, September 3rd. Citigroup boosted their price target 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 raised their price objective on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average target price of $229.96.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $209.84 on Tuesday. The stock has a fifty day moving average price of $202.23 and a 200-day moving average price of $200.51. The firm has a market cap of $33.98 billion, a PE ratio of 61.90, a P/E/G ratio of 2.05 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. As a group, equities analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

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.