Simplify Asset Management Inc. Acquires 1,298 Shares of Veeva Systems Inc. (NYSE:VEEV)

Simplify Asset Management Inc. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 67.4% in the 3rd quarter, Holdings Channel reports. The firm owned 3,223 shares of the technology company’s stock after buying an additional 1,298 shares during the period. Simplify Asset Management Inc.’s holdings in Veeva Systems were worth $676,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Principal Financial Group Inc. lifted its stake in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after acquiring an additional 991,208 shares during the last quarter. Swedbank AB bought a new position in shares of Veeva Systems in the 1st quarter valued at $227,673,000. Matrix Capital Management Company LP lifted its stake in shares of Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after acquiring an additional 430,989 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Veeva Systems by 83.8% in the 1st quarter. Acadian Asset Management LLC now owns 618,344 shares of the technology company’s stock valued at $143,235,000 after acquiring an additional 281,993 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Bank of America increased their price target on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Raymond James increased their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Robert W. Baird decreased their price objective on Veeva Systems from $251.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, October 28th. BNP Paribas started coverage on Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target for the company. Finally, TD Cowen increased their price target on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $237.00.

Veeva Systems Trading Down 5.3 %

Shares of VEEV traded down $12.14 during mid-day trading on Friday, reaching $217.57. 293,917 shares of the stock traded hands, compared to its average volume of 940,571. The firm has a fifty day moving average price of $215.42 and a 200 day moving average price of $200.69. The company has a market cap of $35.23 billion, a price-to-earnings ratio of 59.39, a price-to-earnings-growth ratio of 2.25 and a beta of 0.81. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year 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 analysts’ consensus estimates of $1.04 by $0.03. The firm had revenue of $676.18 million during 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%. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current year.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value 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 trade was a 20.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated 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 directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

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.