Cardinal Capital Management increased its position in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,251 shares of the technology company’s stock after buying an additional 290 shares during the period. Cardinal Capital Management’s holdings in Veeva Systems were worth $2,620,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Pinnacle Bancorp Inc. acquired a new position in Veeva Systems in the 1st quarter valued at about $26,000. Ahrens Investment Partners LLC bought a new position in shares of Veeva Systems during the first quarter worth approximately $27,000. Barrett & Company Inc. bought a new position in shares of Veeva Systems in the first quarter worth $28,000. Resurgent Financial Advisors LLC bought a new stake in Veeva Systems during the fourth quarter worth about $33,000. Finally, Manchester Capital Management LLC bought a new position in Veeva Systems in the 1st quarter valued at about $40,000. 80.07% of the stock is owned by institutional investors.
Insider Transactions at Veeva Systems
In other Veeva Systems news, COO Thomas D. Schwenger sold 1,238 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $220.00, for a total value of $272,360.00. Following the sale, the chief operating officer now owns 21,329 shares of the company’s stock, valued at approximately $4,692,380. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $220.00, for a total value of $272,360.00. Following the sale, the chief operating officer now directly owns 21,329 shares in the company, valued at approximately $4,692,380. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul J. Sekhri sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $224.85, for a total value of $562,125.00. Following the transaction, the director now owns 14,484 shares of the company’s stock, valued at approximately $3,256,727.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,830 shares of company stock worth $853,547. Insiders own 10.98% of the company’s stock.
Veeva Systems Price Performance
Veeva Systems (NYSE:VEEV – Get Free Report) last released its quarterly earnings data on Wednesday, August 30th. The technology company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.13 by $0.08. The firm had revenue of $590.23 million for the quarter, compared to the consensus estimate of $582.28 million. Veeva Systems had a return on equity of 10.89% and a net margin of 24.20%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.56 earnings per share. As a group, analysts expect that Veeva Systems Inc. will post 2.72 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on VEEV shares. Citigroup raised their target price on Veeva Systems from $210.00 to $236.00 and gave the company a “buy” rating in a report on Monday, August 28th. Oppenheimer restated an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a report on Thursday, August 31st. Piper Sandler raised their price objective on shares of Veeva Systems from $232.00 to $235.00 and gave the company an “overweight” rating in a report on Thursday, August 31st. Morgan Stanley lowered shares of Veeva Systems from an “equal weight” rating to an “underweight” rating and set a $181.00 target price on the stock. in a report on Wednesday, June 28th. Finally, Wells Fargo & Company raised their price target on shares of Veeva Systems from $180.00 to $211.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus target price of $216.74.
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 data 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.
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