Banque Cantonale Vaudoise Acquires Shares of 11,021 Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Banque Cantonale Vaudoise has invested approximately $2.55 million in Veeva Systems Inc., acquiring 11,021 shares as part of its new position.
• Several institutional investors have increased their holdings in Veeva, with 88.20% of the stock now owned by such investors, indicating strong institutional interest.
• Veeva recently reported earnings that beat analyst expectations, with a revenue increase of 16.7% year-over-year and an EPS of $1.97, above the forecast of $1.74.

Banque Cantonale Vaudoise purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 11,021 shares of the technology company's stock, valued at approximately $2,553,000.

Several other institutional investors also recently modified their holdings of VEEV. T. Rowe Price Investment Management Inc. increased its position in shares of Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock valued at $1,086,930,000 after acquiring an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems during the 4th quarter valued at about $685,355,000. FMR LLC boosted its holdings in shares of Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after acquiring an additional 232,116 shares during the last quarter. Principal Financial Group Inc. raised its stake in Veeva Systems by 6.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after buying an additional 188,332 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Veeva Systems by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after buying an additional 38,108 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the transaction, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were 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 of the company's stock, 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. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 in the last quarter. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Down 1.1%

VEEV stock traded down $3.15 during mid-day trading on Friday, hitting $281.05. The company had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. The company has a 50-day moving average price of $279.05 and a 200 day moving average price of $246.25. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $296.72. The company has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a P/E/G ratio of 2.25 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its 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 firm had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The business's revenue was up 16.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.50 earnings per share. As a group, analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on VEEV. Truist Financial upped their price objective on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research report on Thursday, May 29th. Mizuho increased their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Citigroup boosted their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus upped their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC lifted their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems 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.