Veeva Systems Inc. $VEEV Stake Boosted by Ethic Inc.

Key Points

• Ethic Inc. increased its stake in Veeva Systems Inc. by 22.4%, owning a total of 16,927 shares worth $3,858,000 after acquiring an additional 3,098 shares in Q1.
• Institutional investors now own 88.20% of Veeva Systems, with several firms increasing their positions, including the Canada Pension Plan Investment Board which grew their stake by 71.5%.
• Veeva Systems reported a Q1 earnings of $1.97 EPS, surpassing analysts' estimates by $0.23, and achieving a 16.7% revenue increase year-over-year.

Ethic Inc. lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,927 shares of the technology company's stock after buying an additional 3,098 shares during the quarter. Ethic Inc.'s holdings in Veeva Systems were worth $3,858,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Abound Financial LLC bought a new position in Veeva Systems during the first quarter worth $25,000. ORG Partners LLC bought a new position in Veeva Systems during the first quarter worth $26,000. Golden State Wealth Management LLC lifted its stake in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new position in Veeva Systems during the first quarter worth $32,000. Finally, Key Financial Inc lifted its stake in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after purchasing an additional 95 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VEEV. Citigroup raised their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Raymond James Financial raised their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. Piper Sandler raised their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. KeyCorp raised their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Fourteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was 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 over the last three months. Company insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $1.8690 during midday trading on Tuesday, reaching $283.9690. 1,030,831 shares of the company traded hands, compared to its average volume of 1,153,251. Veeva Systems Inc. has a 52 week low of $192.73 and a 52 week high of $296.72. The stock has a 50-day moving average price of $282.25 and a 200 day moving average price of $251.54. The company has a market cap of $46.40 billion, a price-to-earnings ratio of 60.16, a PEG ratio of 2.23 and a beta of 0.95.

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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same period in the previous year, the business earned $1.50 earnings per share. The company's revenue was up 16.7% on a year-over-year basis. As a group, analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current year.

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.