EverSource Wealth Advisors LLC Acquires 128 Shares of Veeva Systems Inc. (NYSE:VEEV)

Posted by Defense World Staff on May 20th, 2023

EverSource Wealth Advisors LLC increased its position in Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 113.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 241 shares of the technology company’s stock after acquiring an additional 128 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Veeva Systems were worth $39,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in VEEV. Wellington Management Group LLP increased its holdings in Veeva Systems by 1,578.4% in the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after acquiring an additional 1,414,726 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Veeva Systems by 19.1% in the 3rd quarter. Alliancebernstein L.P. now owns 5,922,651 shares of the technology company’s stock worth $976,527,000 after acquiring an additional 951,240 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in Veeva Systems by 36.3% in the 3rd quarter. Nuveen Asset Management LLC now owns 2,148,210 shares of the technology company’s stock worth $354,196,000 after acquiring an additional 572,197 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Veeva Systems by 6.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 9,393,531 shares of the technology company’s stock worth $1,548,805,000 after acquiring an additional 563,361 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new stake in Veeva Systems in the 3rd quarter worth about $86,681,000. Hedge funds and other institutional investors own 78.76% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on VEEV shares. JMP Securities lifted their target price on Veeva Systems from $215.00 to $230.00 and gave the company a “market outperform” rating in a report on Thursday, March 2nd. Robert W. Baird reduced their target price on Veeva Systems from $233.00 to $223.00 and set an “outperform” rating for the company in a report on Monday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Veeva Systems in a report on Thursday, March 2nd. Citigroup reduced their target price on Veeva Systems from $213.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, March 1st. Finally, KeyCorp reduced their target price on Veeva Systems from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Friday, March 3rd. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $204.39.

Insider Activity

In other news, Director Paul J. Sekhri sold 2,658 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The stock was sold at an average price of $181.93, for a total transaction of $483,569.94. Following the transaction, the director now directly owns 16,381 shares of the company’s stock, valued at $2,980,195.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Paul J. Sekhri sold 2,658 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $181.93, for a total value of $483,569.94. Following the sale, the director now directly owns 16,381 shares of the company’s stock, valued at $2,980,195.33. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Matthew J. Wallach sold 10,000 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $178.56, for a total value of $1,785,600.00. Following the completion of the sale, the director now directly owns 3,145 shares in the company, valued at $561,571.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,818 shares of company stock valued at $2,296,277. Company insiders own 10.98% of the company’s stock.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $165.35 on Friday. Veeva Systems Inc. has a fifty-two week low of $151.02 and a fifty-two week high of $232.26. The stock has a 50 day moving average price of $176.97 and a two-hundred day moving average price of $173.42. The company has a market capitalization of $26.42 billion, a P/E ratio of 54.93, a PEG ratio of 2.85 and a beta of 0.92.

Veeva Systems (NYSE:VEEV – Get Rating) last posted its earnings results on Wednesday, March 1st. The technology company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.06. Veeva Systems had a return on equity of 12.42% and a net margin of 22.63%. The firm had revenue of $563.39 million for the quarter, compared to analysts’ expectations of $552.18 million. As a group, equities analysts predict that Veeva Systems Inc. will post 2.55 earnings per share for the current year.

Veeva Systems Profile

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.