Bank of Marin Acquires Shares of 1,452 Veeva Systems Inc. (NYSE:VEEV)

Bank of Marin bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the third quarter, Holdings Channel.com reports. The firm bought 1,452 shares of the technology company’s stock, valued at approximately $305,000.

Several other hedge funds have also modified their holdings of the stock. Headlands Technologies LLC acquired a new position in Veeva Systems during the 1st quarter valued at about $94,000. Avantax Advisory Services Inc. bought a new stake in shares of Veeva Systems during the 1st quarter valued at $369,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Veeva Systems by 23.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 85,122 shares of the technology company’s stock valued at $19,722,000 after purchasing an additional 15,904 shares during the period. Orion Portfolio Solutions LLC boosted its position in shares of Veeva Systems by 7.9% in the 1st quarter. Orion Portfolio Solutions LLC now owns 7,614 shares of the technology company’s stock worth $1,764,000 after purchasing an additional 560 shares during the last quarter. Finally, GM Advisory Group LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $234,000. 88.20% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Truist Financial increased their target price on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their price objective on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Guggenheim boosted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. Piper Sandler increased their target price on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $237.00.

Veeva Systems Stock Down 2.9 %

Shares of VEEV stock traded down $6.56 during trading on Friday, reaching $223.15. The company’s stock had a trading volume of 85,801 shares, compared to its average volume of 939,634. Veeva Systems Inc. has a one year low of $165.12 and a one year high of $240.68. The business 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 $36.13 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 (NYSE:VEEV) last issued its quarterly 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%. Research analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the 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 in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems 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 owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The trade was a 20.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.