Physicians Financial Services Inc. Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Physicians Financial Services Inc. acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,784 shares of the technology company’s stock, valued at approximately $374,000.

Other hedge funds have also made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC raised its holdings in shares of Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after buying an additional 48 shares in the last quarter. Clearbridge Investments LLC increased its holdings in Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares in the last quarter. Western Pacific Wealth Management LP increased its holdings in Veeva Systems by 23.3% during the 1st quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after purchasing an additional 58 shares in the last quarter. Park Place Capital Corp boosted its stake in Veeva Systems by 11.5% in the third quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after purchasing an additional 59 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its stake in Veeva Systems by 13.4% in the third quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock worth $108,000 after purchasing an additional 61 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Citigroup lifted their price target on Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a report on Tuesday, August 27th. Royal Bank of Canada reissued an “outperform” rating and set a $250.00 price target on shares of Veeva Systems in a research note on Thursday, August 29th. Piper Sandler boosted their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday. BNP Paribas began coverage on Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $235.04.

Veeva Systems Price Performance

NYSE:VEEV traded up $11.44 on Friday, hitting $234.83. 537,186 shares of the company’s stock were exchanged, compared to its average volume of 934,705. The company has a market cap of $38.03 billion, a P/E ratio of 59.57, a price-to-earnings-growth ratio of 2.10 and a beta of 0.81. The firm has a 50-day moving average price of $213.48 and a 200-day moving average price of $199.34. Veeva Systems Inc. has a 52 week low of $162.72 and a 52 week high of $239.96.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share 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 the consensus estimate of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, research analysts expect that Veeva Systems Inc. will post 4.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total value of $470,600.00. Following the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is owned by corporate insiders.

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.