Assenagon Asset Management S.A. Has $40.89 Million Position in Veeva Systems Inc. $VEEV

Key Points

• Assenagon Asset Management cut its Veeva Systems stake by 33.9% in the second quarter, selling 118,291 shares and retaining 230,428 shares worth approximately $40.9 million. Institutional investors collectively own 88.2% of Veeva’s stock.
• Analyst sentiment remains favorable, with Veeva carrying a “Moderate Buy” consensus rating and an average price target of $247.08, although several firms recently lowered their targets.
• Veeva reported quarterly earnings of $2.24 per share, exceeding estimates of $2.14, while revenue rose 16.3% year over year to $882.95 million. Shares opened at $229.93, up 5.6%.

Assenagon Asset Management S.A. lowered its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 33.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 230,428 shares of the technology company's stock after selling 118,291 shares during the quarter. Assenagon Asset Management S.A. owned 0.14% of Veeva Systems worth $40,894,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. SHP Wealth Management acquired a new position in shares of Veeva Systems in the 4th quarter worth approximately $26,000. Activest Wealth Management lifted its position in shares of Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after buying an additional 127 shares during the period. Arlington Trust Co LLC acquired a new stake in Veeva Systems in the 2nd quarter valued at $29,000. MV Capital Management Inc. acquired a new stake in Veeva Systems in the 4th quarter valued at $30,000. Finally, Reflection Asset Management bought a new stake in Veeva Systems in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on VEEV. Needham & Company LLC reissued a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday, June 4th. Canaccord Genuity Group lowered their target price on shares of Veeva Systems from $235.00 to $220.00 and set a "hold" rating on the stock in a report on Thursday, June 4th. Weiss Ratings upgraded shares of Veeva Systems from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. Mizuho cut their price target on shares of Veeva Systems from $295.00 to $270.00 and set an "outperform" rating for the company in a report on Thursday, June 4th. Finally, Oppenheimer reissued an "outperform" rating on shares of Veeva Systems in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $247.08.

Veeva Systems Stock Up 5.6%

Shares of NYSE VEEV opened at $229.93 on Friday. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The firm's 50-day simple moving average is $183.83 and its 200 day simple moving average is $180.11. The company has a market cap of $37.35 billion, a price-to-earnings ratio of 40.99, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $882.95 million during the quarter, compared to analysts' expectations of $857.73 million. During the same quarter last year, the company posted $1.97 EPS. The company's quarterly revenue was up 16.3% compared to the same quarter last year. 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. On average, equities analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

About Veeva Systems

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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