Regal Investment Advisors LLC Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Regal Investment Advisors LLC raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 42.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 2,535 shares of the technology company’s stock after acquiring an additional 761 shares during the period. Regal Investment Advisors LLC’s holdings in Veeva Systems were worth $464,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP grew its stake in Veeva Systems by 39.4% during the second quarter. Quarry LP now owns 421 shares of the technology company’s stock valued at $77,000 after acquiring an additional 119 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Veeva Systems by 122.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,116 shares of the technology company’s stock worth $2,034,000 after purchasing an additional 6,114 shares during the last quarter. Creative Planning lifted its position in shares of Veeva Systems by 21.4% in the second quarter. Creative Planning now owns 37,579 shares of the technology company’s stock worth $6,877,000 after buying an additional 6,625 shares in the last quarter. Annandale Capital LLC bought a new position in Veeva Systems during the second quarter valued at approximately $512,000. Finally, Peloton Wealth Strategists grew its holdings in Veeva Systems by 2.8% during the 2nd quarter. Peloton Wealth Strategists now owns 5,495 shares of the technology company’s stock valued at $1,006,000 after buying an additional 150 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the 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 completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 10.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

VEEV has been the topic of several recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Veeva Systems in a report on Thursday, August 29th. Citigroup increased their price target on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. TD Cowen raised their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 price objective 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, seven have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $230.65.

Veeva Systems Stock Performance

Shares of VEEV opened at $207.65 on Wednesday. The stock has a market capitalization of $33.62 billion, a PE ratio of 61.25, a PEG ratio of 2.05 and a beta of 0.81. The company has a 50 day moving average price of $202.65 and a 200-day moving average price of $200.37. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping 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 company had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Equities research analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current 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.