Federated Hermes Inc. Has $89.63 Million Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Federated Hermes Inc. increased its stake in Veeva Systems Inc. by 5.6%, owning approximately 386,953 shares valued at $89.63 million by the end of the reporting period.
• Veeva Systems reported $1.97 EPS for the quarter, exceeding analysts' expectations of $1.74, with a year-over-year revenue growth of 16.7% to $759.04 million.
• Analysts are optimistic about Veeva Systems, with target prices raised to between $285.00 and $325.00, indicating an overall Moderate Buy rating on the stock.

Federated Hermes Inc. increased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 386,953 shares of the technology company's stock after acquiring an additional 20,463 shares during the quarter. Federated Hermes Inc. owned about 0.24% of Veeva Systems worth $89,630,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in VEEV. Abound Financial LLC bought a new position in Veeva Systems in the first quarter worth $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC grew its position in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at $32,000. Finally, Key Financial Inc increased its position in Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 1.1%

Shares of VEEV traded down $3.15 during midday trading on Friday, hitting $281.05. The company's stock had a trading volume of 996,717 shares, compared to its average volume of 1,246,058. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $296.72. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 59.54, a price-to-earnings-growth ratio of 2.25 and a beta of 0.95. The company's fifty day simple moving average is $279.05 and its two-hundred day simple moving average is $246.25.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.50 earnings per share. On average, research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. Truist Financial lifted their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. KeyCorp raised their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Raymond James Financial boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. UBS Group lifted their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Finally, Wells Fargo & Company upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.