Welch & Forbes LLC Has $1.49 Million Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Welch & Forbes LLC lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 51.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,726 shares of the technology company’s stock after acquiring an additional 2,623 shares during the period. Welch & Forbes LLC’s holdings in Veeva Systems were worth $1,487,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of Veeva Systems by 239.7% in the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock valued at $194,570,000 after buying an additional 674,785 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Veeva Systems by 34.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after purchasing an additional 522,257 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Veeva Systems by 22.6% during the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after purchasing an additional 327,662 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Veeva Systems by 9.6% in the third quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after purchasing an additional 289,133 shares in the last quarter. Finally, FMR LLC raised its position in shares of Veeva Systems by 15.4% in the third quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock valued at $372,951,000 after purchasing an additional 244,599 shares during the period. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent analyst reports. KeyCorp increased their price objective on Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Piper Sandler increased their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 13th. Citigroup increased their price target on shares of Veeva Systems from $240.00 to $264.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Finally, Robert W. Baird upped their price objective on shares of Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the sale, the director now directly owns 23,391 shares in the company, valued at approximately $5,287,301.64. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now owns 10,668 shares in the company, valued at approximately $2,212,756.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,989 shares of company stock worth $4,818,013. Company insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

VEEV stock traded down $1.05 during midday trading on Wednesday, hitting $204.26. The stock had a trading volume of 120,740 shares, compared to its average volume of 937,472. The firm has a market cap of $32.95 billion, a price-to-earnings ratio of 63.51, a price-to-earnings-growth ratio of 2.05 and a beta of 0.76. The business has a 50-day moving average of $216.61 and a two-hundred day moving average of $202.11. Veeva Systems Inc. has a 52-week low of $160.21 and a 52-week high of $236.90.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million during the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. Research analysts predict that Veeva Systems Inc. will post 4.11 earnings per share 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.