Channel Wealth LLC Buys Shares of 17,621 Veeva Systems Inc. (NYSE:VEEV)

Channel Wealth LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 17,621 shares of the technology company’s stock, valued at approximately $4,082,000. Veeva Systems comprises approximately 1.3% of Channel Wealth LLC’s portfolio, making the stock its 23rd biggest holding.

Other hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC raised its stake in Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock worth $36,000 after acquiring an additional 163 shares during the period. Linonia Partnership LP raised its position in shares of Veeva Systems by 42.1% during the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company’s stock valued at $252,925,000 after purchasing an additional 356,300 shares during the period. William Allan Corp raised its position in shares of Veeva Systems by 3.8% during the 4th quarter. William Allan Corp now owns 12,860 shares of the technology company’s stock valued at $2,704,000 after purchasing an additional 474 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Finally, VSM Wealth Advisory LLC bought a new position in Veeva Systems in the 4th quarter worth $42,000. Institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on VEEV. Wells Fargo & Company raised their price target on Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Thursday, May 29th. Scotiabank lifted their target price on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. upped their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Needham & Company LLC increased their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $269.80.

Insider Buying and Selling at Veeva Systems

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock worth $1,284,917 over the last 90 days. Company insiders own 10.30% of the company’s stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $282.96 on Thursday. The stock has a market cap of $46.04 billion, a price-to-earnings ratio of 69.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The stock has a 50 day moving average price of $233.26 and a 200-day moving average price of $229.03. Veeva Systems Inc. has a one year low of $176.41 and a one year high of $289.43.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the firm earned $1.50 earnings per share. Veeva Systems’s quarterly revenue was up 16.7% compared to the same quarter last year. Sell-side analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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.