Harvest Fund Management Co. Ltd Purchases New Position in Veeva Systems Inc. (NYSE:VEEV)

Harvest Fund Management Co. Ltd purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 232 shares of the technology company’s stock, valued at approximately $49,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of VEEV. Advisors Asset Management Inc. purchased a new stake in Veeva Systems in the first quarter valued at $28,000. SVB Wealth LLC purchased a new stake in Veeva Systems in the first quarter valued at $227,000. Kennedy Capital Management LLC purchased a new stake in Veeva Systems in the first quarter valued at $941,000. B. Riley Wealth Advisors Inc. lifted its position in Veeva Systems by 118.0% in the first quarter. B. Riley Wealth Advisors Inc. now owns 4,887 shares of the technology company’s stock valued at $1,132,000 after acquiring an additional 2,645 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in shares of Veeva Systems by 7.5% in the first quarter. Tidal Investments LLC now owns 8,094 shares of the technology company’s stock valued at $1,877,000 after buying an additional 568 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

VEEV stock opened at $226.76 on Thursday. The company’s 50 day simple moving average is $215.20 and its 200-day simple moving average is $201.66. The firm has a market capitalization of $36.72 billion, a PE ratio of 60.47, a P/E/G ratio of 2.19 and a beta of 0.81. Veeva Systems Inc. has a 12 month low of $165.12 and a 12 month high of $240.68.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating 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, sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Analyst Ratings Changes

VEEV has been the subject of a number of research reports. Barclays upped their target price on shares of Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Raymond James upped their target price on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Royal Bank of Canada upped their target price on shares of Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 8th. UBS Group upped their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, BNP Paribas initiated coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $236.92.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 10.50% of the company’s stock.

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.