Veeva Systems Inc. $VEEV Position Boosted by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Veeva Systems Inc. by 12.2% during the 1st quarter, owning 472,835 shares valued at approximately $109.5 million.
• Analysts have raised their price targets for Veeva Systems, with KeyCorp increasing it to $325.00 and Piper Sandler to $325.00, reflecting a generally positive outlook for the company's stock.
• Veeva Systems reported a 16.7% year-over-year increase in revenue for the most recent quarter, totaling $759.04 million, and earnings per share of $1.97 exceeding analysts' expectations.

American Century Companies Inc. raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 472,835 shares of the technology company's stock after buying an additional 51,565 shares during the quarter. American Century Companies Inc. owned approximately 0.29% of Veeva Systems worth $109,523,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $685,355,000. Nuveen LLC bought a new stake in Veeva Systems during the 1st quarter valued at $365,684,000. Stockbridge Partners LLC acquired a new position in Veeva Systems during the 4th quarter worth $137,260,000. GAMMA Investing LLC grew its stake in shares of Veeva Systems by 26,258.4% in the first quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after purchasing an additional 420,659 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. KeyCorp upped their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Citigroup increased their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, UBS Group upped their target price 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 issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $1.8690 during trading on Tuesday, hitting $283.9690. The company had a trading volume of 1,030,831 shares, compared to its average volume of 1,153,251. The company has a market cap of $46.40 billion, a P/E ratio of 60.16, a PEG ratio of 2.23 and a beta of 0.95. The business's 50-day moving average is $282.25 and its 200 day moving average is $251.54. Veeva Systems Inc. has a 52 week low of $192.73 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping 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 company had revenue of $759.04 million for 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 revenue for the quarter was up 16.7% compared to the same quarter last year. On average, research analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by corporate insiders.

About Veeva Systems

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.