Baird Financial Group Inc. Has $54.93 Million Position in Veeva Systems Inc. $VEEV

Key Points

• Baird Financial Group Inc. reduced its stake in Veeva Systems by 14.7%, holding 237,162 shares valued at approximately $54.93 million.
• Several brokerages raised their price targets for Veeva Systems, with Needham & Company setting a target of $355.00 and maintaining a "buy" rating.
• Veeva Systems reported a quarterly revenue of $759.04 million, exceeding analyst estimates, and showed a year-over-year revenue growth of 16.7%.

Baird Financial Group Inc. lessened its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 237,162 shares of the technology company's stock after selling 40,767 shares during the period. Baird Financial Group Inc. owned 0.15% of Veeva Systems worth $54,934,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sowell Financial Services LLC acquired a new position in Veeva Systems in the 1st quarter worth about $274,000. Crossmark Global Holdings Inc. acquired a new stake in shares of Veeva Systems in the first quarter valued at about $299,000. Janney Montgomery Scott LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at about $5,876,000. GAMMA Investing LLC increased its stake in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the period. Finally, Private Trust Co. NA increased its stake in shares of Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after buying an additional 64 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VEEV. Mizuho increased their price target on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday. Needham & Company LLC increased their price target on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday. Piper Sandler upped their target price on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday. Oppenheimer restated an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a research report on Thursday. Finally, UBS Group upped their target price on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research report on Thursday. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and an average price target of $299.88.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $268.85 on Friday. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The stock's 50-day moving average is $282.38 and its 200 day moving average is $254.17. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.13 and a beta of 0.95.

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 (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 14.19% and a net margin of 27.29%.The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.50 earnings per share. On average, sell-side analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

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.

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