First Foundation Advisors Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• First Foundation Advisors increased its stake in Veeva Systems by 8.5%, acquiring an additional 1,924 shares, bringing their total holdings to 24,532 shares valued at approximately $5.68 million.
• Veeva Systems reported $1.97 earnings per share for the recent quarter, exceeding expectations, with revenues rising 16.7% year-over-year to $759.04 million.
• Several equity analysts have upgraded their price targets for Veeva Systems, with projections ranging from $210 to $325, reflecting a consensus rating of "Moderate Buy" for the stock.

First Foundation Advisors grew its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,532 shares of the technology company's stock after purchasing an additional 1,924 shares during the quarter. First Foundation Advisors' holdings in Veeva Systems were worth $5,682,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in VEEV. T. Rowe Price Investment Management Inc. grew its position in Veeva Systems by 3.5% in the 4th 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 purchasing an additional 177,201 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in Veeva Systems in the 4th quarter valued at $685,355,000. FMR LLC grew its position in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares during the period. Principal Financial Group Inc. grew its position in Veeva Systems by 6.4% in 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 purchasing an additional 188,332 shares during the period. Finally, Geode Capital Management LLC grew its position in Veeva Systems by 1.4% in 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 purchasing an additional 38,108 shares during the period. Institutional investors own 88.20% of the company's stock.

Insider Activity

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction 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. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Citigroup lifted their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Wells Fargo & Company boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Piper Sandler boosted their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Truist Financial boosted their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Two equities research 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's stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Performance

VEEV traded down $3.15 during midday trading on Friday, hitting $281.05. The stock had a trading volume of 996,596 shares, compared to its average volume of 1,329,232. The company has a market cap of $45.93 billion, a P/E ratio of 59.54, a price-to-earnings-growth ratio of 2.27 and a beta of 0.98. The business has a fifty day moving average of $279.05 and a 200 day moving average of $246.25. Veeva Systems Inc. has a 1 year low of $177.41 and a 1 year high of $296.72.

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 business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 earnings per share. On average, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share 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.