Suncoast Equity Management Grows Stake in Veeva Systems Inc. (NYSE:VEEV)

Suncoast Equity Management raised its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,410 shares of the technology company’s stock after acquiring an additional 107 shares during the quarter. Suncoast Equity Management’s holdings in Veeva Systems were worth $716,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clearbridge Investments LLC grew its holdings in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares during the period. Western Pacific Wealth Management LP raised its stake in Veeva Systems by 23.3% during the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after buying an additional 58 shares during the last quarter. Park Place Capital Corp boosted its holdings in Veeva Systems by 11.5% in the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after acquiring an additional 59 shares in the last quarter. OV Management LLC grew its stake in shares of Veeva Systems by 1.0% in the second quarter. OV Management LLC now owns 6,659 shares of the technology company’s stock worth $1,219,000 after acquiring an additional 63 shares during the last quarter. Finally, Simplicity Wealth LLC increased its holdings in shares of Veeva Systems by 1.7% during the second quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock valued at $737,000 after acquiring an additional 69 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.50% of the stock is owned by insiders.

Veeva Systems Stock Performance

Shares of VEEV traded down $1.22 during mid-day trading on Monday, reaching $220.10. The stock had a trading volume of 164,780 shares, compared to its average volume of 948,376. The business has a fifty day moving average of $208.39 and a 200 day moving average of $198.64. The firm has a market cap of $35.64 billion, a price-to-earnings ratio of 59.02, a PEG ratio of 2.15 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $162.72 and a 12 month high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, research analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on VEEV. BNP Paribas assumed coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target on the stock. Citigroup raised their price target on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Bank of America upped their price objective on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. BTIG Research assumed coverage on Veeva Systems in a report on Tuesday, July 9th. They issued a “buy” rating and a $240.00 target price for the company. Finally, Barclays upped their price target on Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.96.

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.