Credit Agricole S A Acquires 6,029 Shares of Veeva Systems Inc. $VEEV

Key Points

• Credit Agricole S A significantly increased its stake in Veeva Systems Inc. by 115.9%, acquiring an additional 6,029 shares to bring its total holdings to 11,231 shares valued at approximately $2.6 million.
• A variety of institutional investors, including Abound Financial LLC and Key Financial Inc, have also expanded their positions in Veeva Systems, reflecting strong institutional interest with 88.20% of the stock owned by such investors.
• Equities analysts have rated Veeva Systems with a majority of "Buy" ratings and a consensus target price of $274.17, indicating positive outlook despite a range of price targets from various firms.

Credit Agricole S A lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 115.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,231 shares of the technology company's stock after buying an additional 6,029 shares during the quarter. Credit Agricole S A's holdings in Veeva Systems were worth $2,601,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems during the fourth quarter worth about $685,355,000. Nuveen LLC bought a new stake in Veeva Systems during the first quarter worth about $365,684,000. Stockbridge Partners LLC bought a new stake in Veeva Systems during the fourth quarter worth about $137,260,000. GAMMA Investing LLC boosted its stake in Veeva Systems by 26,258.4% during the first quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after acquiring an additional 420,659 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Price Performance

Veeva Systems stock traded down $20.10 during midday trading on Thursday, reaching $273.49. 3,260,370 shares of the company traded hands, compared to its average volume of 1,317,523. The firm has a market capitalization of $44.69 billion, a price-to-earnings ratio of 57.88, a price-to-earnings-growth ratio of 2.27 and a beta of 0.95. The business has a 50 day moving average of $282.76 and a two-hundred day moving average of $253.55. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72.

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, beating analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.50 earnings per share. As a group, equities analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred 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 transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 over the last quarter. Company insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on VEEV. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Needham & Company LLC boosted their price objective on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday. Barclays increased their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday. Raymond James Financial reiterated an "outperform" rating and set a $340.00 price target (up previously from $310.00) on shares of Veeva Systems in a report on Thursday. Finally, KeyCorp increased their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Sixteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $292.23.

Veeva Systems Company 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.