Veeva Systems Inc. $VEEV Shares Acquired by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its holdings in Veeva Systems Inc. by 174.1%, acquiring 44,299 shares and bringing their total to 69,749 shares valued at approximately $16.2 million.
• Veeva Systems reported $1.97 earnings per share for its last quarter, exceeding analyst expectations and showing a 16.7% year-over-year revenue growth with total revenue of $759.04 million.
• Institutional investors own 88.20% of Veeva's stock, highlighting strong institutional confidence in the company amid various analysts raising their price targets on the stock.

Aberdeen Group plc lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 174.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,749 shares of the technology company's stock after purchasing an additional 44,299 shares during the quarter. Aberdeen Group plc's holdings in Veeva Systems were worth $16,156,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of VEEV. Vanguard Group Inc. raised its position in Veeva Systems by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after acquiring an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the fourth quarter worth $685,355,000. JPMorgan Chase & Co. raised its position in Veeva Systems by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after acquiring an additional 225,125 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after acquiring an additional 188,332 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 3.1%

Shares of VEEV stock traded up $8.75 during mid-day trading on Friday, reaching $291.03. The stock had a trading volume of 961,444 shares, compared to its average volume of 1,068,036. Veeva Systems Inc. has a 12-month low of $196.10 and a 12-month high of $296.72. The company has a market cap of $47.56 billion, a P/E ratio of 61.66, a price-to-earnings-growth ratio of 2.30 and a beta of 0.95. The business has a 50-day simple moving average of $282.35 and a 200 day simple moving average of $252.69.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the business posted $1.50 earnings per share. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VEEV. Barclays increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Needham & Company LLC increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Wells Fargo & Company increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Morgan Stanley increased their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Finally, UBS Group increased their price objective on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $274.17.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 over the last quarter. Insiders own 10.30% of the company's stock.

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.