12,976 Shares of Veeva Systems Inc. $VEEV Purchased by Avestar Capital LLC

Key Points

• Avestar Capital purchased 12,976 Veeva Systems shares in the third quarter, valued at approximately $3.7 million. Institutional investors and hedge funds collectively own 88.2% of Veeva’s stock.
• Veeva reported quarterly EPS of $2.35, beating estimates of $2.23, while revenue rose 17.6% year over year to $927.96 million. The stock opened at $313.04, near its 52-week high of $325.99.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $293.21. Meanwhile, insiders sold 56,789 shares worth about $14.9 million over the past three months.

Avestar Capital LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 12,976 shares of the technology company's stock, valued at approximately $3,704,000.

Several other large investors have also modified their holdings of VEEV. Principal Financial Group Inc. grew its position in shares of 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 purchasing an additional 271,252 shares during the last quarter. Swedbank AB lifted its position in shares of Veeva Systems by 43.5% in the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company's stock worth $288,983,000 after purchasing an additional 498,971 shares in the last quarter. Amundi lifted its position in shares of Veeva Systems by 8.0% in 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 during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company's stock worth $160,427,000 after acquiring an additional 611,868 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Veeva Systems by 2.7% during the first 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 period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 0.9%

VEEV stock opened at $313.04 on Friday. The firm has a market cap of $50.68 billion, a P/E ratio of 50.14, a PEG ratio of 1.32 and a beta of 0.93. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $325.99. The company's 50-day simple moving average is $283.97 and its 200-day simple moving average is $209.79.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.23 by $0.12. The company had revenue of $927.96 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned $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. On average, analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 5,198 shares of the company's stock in a transaction that occurred on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the sale, the senior vice president owned 4,130 shares in the company, valued at $1,237,843.60. This represents a 55.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel J. Rizzo sold 4,841 shares of Veeva Systems stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company's stock, valued at $2,119,449.15. This trade represents a 38.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wells Fargo & Company reaffirmed an "overweight" rating and set a $330.00 price objective on shares of Veeva Systems in a research note on Tuesday, September 8th. Needham & Company LLC boosted their price target on shares of Veeva Systems from $270.00 to $310.00 and gave the company a "buy" rating in a research report on Thursday, August 27th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Canaccord Genuity Group lifted their price target on shares of Veeva Systems from $220.00 to $260.00 and gave the stock a "hold" rating in a research note on Thursday, August 27th. Finally, UBS Group upped their target price on shares of Veeva Systems from $190.00 to $290.00 and gave the company a "neutral" rating in a research report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $293.21.

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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