Principal Financial Group Inc. Grows Holdings in Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. raised its position in Veeva Systems Inc. (NYSE:VEEV) by 138.9% during the third quarter, Holdings Channel.com reports. The firm owned 2,179,284 shares of the technology company’s stock after buying an additional 1,267,061 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $457,366,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Veeva Systems in the 3rd quarter valued at about $26,000. Advisors Asset Management Inc. purchased a new position in shares of Veeva Systems during the 1st quarter worth about $28,000. Blue Trust Inc. lifted its holdings in shares of Veeva Systems by 3,460.0% during the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares during the period. DT Investment Partners LLC purchased a new position in shares of Veeva Systems during the 2nd quarter worth about $35,000. Finally, Larson Financial Group LLC lifted its holdings in shares of Veeva Systems by 1,153.8% during the 1st quarter. Larson Financial Group LLC now owns 163 shares of the technology company’s stock worth $38,000 after acquiring an additional 150 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at $1,807,000. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. BNP Paribas started coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective on the stock. TD Cowen increased their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research report on Thursday, August 29th. Barclays increased their target price on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. StockNews.com downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Finally, Guggenheim increased their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $232.87.

Veeva Systems Trading Up 1.8 %

VEEV stock opened at $216.45 on Thursday. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a market capitalization of $35.05 billion, a P/E ratio of 57.72, a PEG ratio of 2.07 and a beta of 0.81. The firm has a 50 day simple moving average of $213.48 and a 200-day simple moving average of $199.34.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million during the quarter, compared to the consensus estimate of $667.21 million. On average, research analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current year.

Veeva Systems 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.