Wealth Enhancement Advisory Services LLC Increases Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Wealth Enhancement Advisory Services LLC raised its position in Veeva Systems Inc. (NYSE:VEEV) by 15.2% in the 3rd quarter, Holdings Channel reports. The fund owned 14,240 shares of the technology company’s stock after purchasing an additional 1,877 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Veeva Systems were worth $2,989,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Procyon Advisors LLC purchased a new position in shares of Veeva Systems in the third quarter valued at $712,000. Envestnet Portfolio Solutions Inc. boosted its position in Veeva Systems by 44.9% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after buying an additional 9,232 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Veeva Systems by 30.8% during the first quarter. BNP Paribas Financial Markets now owns 89,023 shares of the technology company’s stock valued at $20,626,000 after acquiring an additional 20,982 shares in the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Veeva Systems during the first quarter worth about $5,112,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Veeva Systems by 46.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 132,760 shares of the technology company’s stock worth $30,786,000 after acquiring an additional 42,396 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on VEEV shares. Citigroup raised 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. JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Guggenheim upped their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. BNP Paribas initiated coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective for the company. Finally, Bank of America upped their target price on shares of Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $232.87.

Veeva Systems Stock Performance

VEEV stock opened at $212.80 on Friday. Veeva Systems Inc. has a 1 year low of $162.72 and a 1 year high of $236.90. The stock has a market capitalization of $34.46 billion, a price-to-earnings ratio of 56.75, a PEG ratio of 2.09 and a beta of 0.81. The stock’s fifty day moving average is $212.62 and its two-hundred day moving average is $199.04.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 earnings per share 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. As a group, analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm’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 sale, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.50% of the company’s stock.

Veeva Systems 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.