10,656 Shares in Veeva Systems Inc. $VEEV Bought by Renaissance Investment Group LLC

Key Points

• Renaissance Investment Group purchased 10,656 Veeva Systems shares worth approximately $3.04 million, while institutional investors collectively own 88.2% of the company.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $293.21; 19 analysts rate the stock a Buy.
• Veeva reported quarterly earnings of $2.35 per share and revenue of $927.96 million, exceeding estimates, while revenue increased 17.6% year over year. Shares opened at $313.04, near their 12-month high.

Renaissance Investment Group LLC purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 10,656 shares of the technology company's stock, valued at approximately $3,042,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock valued at $727,513,000 after buying an additional 271,252 shares in the last quarter. Swedbank AB increased its holdings in shares of Veeva Systems by 43.5% during the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company's stock worth $288,983,000 after buying an additional 498,971 shares in the last quarter. Amundi increased its holdings in shares of Veeva Systems by 8.0% during the first quarter. Amundi now owns 992,977 shares of the technology company's stock worth $174,426,000 after buying an additional 73,510 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Veeva Systems by 203.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company's stock valued at $160,427,000 after acquiring an additional 611,868 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Veeva Systems by 2.7% in the 1st quarter. Royal Bank of Canada now owns 870,281 shares of the technology company's stock valued at $152,873,000 after acquiring an additional 23,117 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on VEEV. Stifel Nicolaus set a $300.00 target price on Veeva Systems in a report on Thursday, August 27th. Piper Sandler lifted their price target on Veeva Systems from $295.00 to $320.00 and gave the company an "overweight" rating in a research note on Thursday, August 27th. UBS Group lifted their price target on Veeva Systems from $190.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, August 27th. Guggenheim boosted their price target on Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and issued a $295.00 price objective on shares of Veeva Systems in a research note on Thursday, August 27th. Nineteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $293.21.

Insider Buying and Selling

In other news, insider Thomas Schwenger sold 10,000 shares of the firm's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the completion of the transaction, the insider directly owned 19,449 shares in the company, valued at $5,471,587.17. This trade represents a 33.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the transaction, the director directly owned 3,242 shares in the company, valued at approximately $846,291.68. This represents a 18.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 56,789 shares of company stock worth $14,913,889. Corporate insiders own 10.60% of the company's stock.

Veeva Systems Stock Up 0.9%

Shares of Veeva Systems stock opened at $313.04 on Friday. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $325.99. The stock has a market cap of $50.68 billion, a price-to-earnings ratio of 51.49, a P/E/G ratio of 1.32 and a beta of 0.93. The company's fifty day moving average is $283.97 and its 200 day moving average is $209.79.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. Veeva Systems's quarterly revenue was up 17.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.99 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, equities analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

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