Compass Wealth Management LLC Purchases Shares of 62,751 Veeva Systems Inc. $VEEV

Compass Wealth Management LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) during the third quarter, HoldingsChannel.com reports. The fund purchased 62,751 shares of the technology company’s stock, valued at approximately $18,694,000. Veeva Systems accounts for 2.2% of Compass Wealth Management LLC’s holdings, making the stock its 10th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. GPS Wealth Strategies Group LLC grew its stake in Veeva Systems by 196.4% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after buying an additional 55 shares during the last quarter. OLD Second National Bank of Aurora bought a new stake in Veeva Systems during the third quarter valued at about $30,000. Legacy Investment Solutions LLC acquired a new stake in shares of Veeva Systems in the second quarter valued at about $32,000. Cary Street Partners Investment Advisory LLC increased its stake in shares of Veeva Systems by 58.3% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock worth $38,000 after purchasing an additional 49 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Veeva Systems during the 2nd quarter worth about $41,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays lowered their target price on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating on the stock in a report on Friday, November 21st. Wall Street Zen downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Truist Financial upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Thursday, January 8th. UBS Group reduced their price target on shares of Veeva Systems from $310.00 to $280.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Finally, Wells Fargo & Company dropped their price objective on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating on the stock in a report on Tuesday, November 25th. Eighteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $307.33.

Veeva Systems Stock Up 0.6%

NYSE VEEV opened at $182.41 on Friday. Veeva Systems Inc. has a twelve month low of $168.13 and a twelve month high of $310.50. The stock has a market cap of $29.98 billion, a P/E ratio of 35.49, a PEG ratio of 1.25 and a beta of 1.08. The company’s 50-day simple moving average is $211.84 and its 200 day simple moving average is $254.82.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, November 20th. The technology company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.09. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The company had revenue of $0.81 million for the quarter, compared to the consensus estimate of $792.37 million. During the same period in the previous year, the business earned $1.75 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. Research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has initiated a share repurchase program on Monday, January 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.