Assenagon Asset Management S.A. Boosts Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Assenagon Asset Management increased its Veeva Systems stake by 208.9% in the first quarter, ending with 348,719 shares valued at about $61.3 million.
• Wall Street sentiment remains mixed but mostly positive: Veeva has 18 Buy ratings, 8 Hold ratings, and 1 Sell rating, with an average target price of $250.96.
• Veeva reported strong quarterly results, beating estimates with $2.24 EPS and $882.95 million in revenue, up 16.3% year over year, even as the stock traded down to $158.31.

Assenagon Asset Management S.A. lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 208.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 348,719 shares of the technology company's stock after buying an additional 235,839 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.21% of Veeva Systems worth $61,256,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in VEEV. Williams Jones Wealth Management LLC. lifted its holdings in Veeva Systems by 0.4% during the third quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company's stock valued at $2,806,000 after purchasing an additional 40 shares in the last quarter. Personal CFO Solutions LLC increased its stake in shares of Veeva Systems by 4.3% during the fourth quarter. Personal CFO Solutions LLC now owns 1,213 shares of the technology company's stock worth $271,000 after purchasing an additional 50 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of Veeva Systems by 0.7% during the second quarter. Rafferty Asset Management LLC now owns 6,881 shares of the technology company's stock worth $1,982,000 after purchasing an additional 51 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in shares of Veeva Systems by 8.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 719 shares of the technology company's stock worth $214,000 after purchasing an additional 54 shares during the last quarter. Finally, Northwest Wealth Management LLC raised its position in shares of Veeva Systems by 6.1% during the 4th quarter. Northwest Wealth Management LLC now owns 956 shares of the technology company's stock worth $213,000 after purchasing an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the topic of several research analyst reports. TD Cowen reiterated a "buy" rating on shares of Veeva Systems in a report on Thursday, June 4th. Canaccord Genuity Group reduced their target price on Veeva Systems from $235.00 to $220.00 and set a "hold" rating for the company in a report on Thursday, June 4th. Needham & Company LLC restated a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. BMO Capital Markets lowered their price target on Veeva Systems from $220.00 to $175.00 and set a "market perform" rating on the stock in a research note on Thursday, June 4th. Finally, BNP Paribas Exane reiterated an "outperform" rating and set a $285.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $250.96.

Insider Activity

In related news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the sale, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. The trade was a 18.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company's stock.

Veeva Systems Trading Down 1.9%

Veeva Systems stock opened at $158.31 on Friday. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The stock has a market cap of $25.72 billion, a P/E ratio of 28.22, a PEG ratio of 0.69 and a beta of 0.95. The company has a 50-day moving average price of $163.68 and a 200 day moving average price of $186.53.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The company had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. During the same period in the previous year, the business posted $1.97 EPS. Veeva Systems's revenue was up 16.3% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current year.

Veeva Systems Profile

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.

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