Blair William & Co. IL Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Blair William & Co. increased its stake in Veeva Systems Inc. by 6.8%, now holding approximately 1,298,921 shares valued at $300.87 million.
• Several other institutional investors, including Argent Trust Co. and J. Safra Sarasin Holding AG, also raised their positions in Veeva Systems, reflecting growing institutional confidence in the company.
• Veeva Systems reported better-than-expected quarterly earnings, with a 16.7% year-over-year revenue increase and earnings per share of $1.97, surpassing analysts’ estimates.

Blair William & Co. IL boosted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,298,921 shares of the technology company's stock after buying an additional 82,690 shares during the quarter. Veeva Systems makes up approximately 0.9% of Blair William & Co. IL's portfolio, making the stock its 21st biggest position. Blair William & Co. IL owned about 0.80% of Veeva Systems worth $300,869,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Argent Trust Co lifted its stake in Veeva Systems by 5.6% in the first quarter. Argent Trust Co now owns 5,835 shares of the technology company's stock worth $1,352,000 after acquiring an additional 311 shares during the period. Scotia Capital Inc. raised its position in shares of Veeva Systems by 5.8% in the 1st quarter. Scotia Capital Inc. now owns 14,723 shares of the technology company's stock worth $3,410,000 after purchasing an additional 804 shares during the last quarter. J. Safra Sarasin Holding AG raised its position in shares of Veeva Systems by 191.3% in the 1st quarter. J. Safra Sarasin Holding AG now owns 14,203 shares of the technology company's stock worth $3,290,000 after purchasing an additional 9,328 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Veeva Systems by 7.2% in the 1st quarter. Bank of Nova Scotia now owns 4,060 shares of the technology company's stock worth $940,000 after purchasing an additional 273 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new stake in Veeva Systems in the 1st quarter worth about $803,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Needham & Company LLC boosted their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Barclays boosted their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Morgan Stanley boosted their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Truist Financial upped their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Finally, Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 171 shares of the stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% 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 worth $394,217. 10.30% of the stock is owned by insiders.

Veeva Systems Trading Down 1.1%

VEEV opened at $281.05 on Friday. The company has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 2.23 and a beta of 0.95. Veeva Systems Inc. has a 12-month low of $177.41 and a 12-month high of $296.72. The business's fifty day simple moving average is $280.01 and its 200-day simple moving average is $246.97.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share 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 firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period in the prior year, the business posted $1.50 EPS. The firm's quarterly revenue was up 16.7% on a year-over-year basis. On average, equities research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

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.

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