Fred Alger Management LLC Buys 344 Shares of Veeva Systems Inc. (NYSE:VEEV)

Fred Alger Management LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 79,589 shares of the technology company’s stock after buying an additional 344 shares during the period. Fred Alger Management LLC’s holdings in Veeva Systems were worth $16,703,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. General American Investors Co. Inc. bought a new stake in Veeva Systems in the third quarter valued at approximately $5,133,000. Procyon Advisors LLC bought a new stake in shares of Veeva Systems in the 3rd quarter valued at $712,000. Envestnet Portfolio Solutions Inc. increased its position in shares of Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock worth $5,450,000 after buying an additional 9,232 shares during the period. Principal Financial Group Inc. raised 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 buying an additional 1,267,061 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after buying an additional 2,733 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’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 completion of the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Price Performance

VEEV opened at $227.94 on Friday. Veeva Systems Inc. has a fifty-two week low of $165.12 and a fifty-two week high of $240.68. The firm has a market capitalization of $36.91 billion, a P/E ratio of 60.78, a PEG ratio of 2.20 and a beta of 0.81. The company’s 50-day moving average is $215.71 and its 200 day moving average is $202.00.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, equities research analysts expect that Veeva Systems Inc. will post 4.19 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on VEEV shares. TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. UBS Group lifted their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Piper Sandler boosted their target price on shares of Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Guggenheim raised their price target on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Royal Bank of Canada upped their price objective 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. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $236.92.

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.