HB Wealth Management LLC Purchases 16,291 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• HB Wealth Management LLC significantly increased its stake in Veeva Systems by 941.1% in the first quarter, acquiring a total of 18,022 shares worth approximately $4,174,000.
• Barclays, Mizuho, and other analysts have raised their price targets for Veeva Systems, reflecting a consensus rating of "Moderate Buy" with a price target averaging $274.17.
• Veeva Systems reported earnings of $1.97 per share, exceeding estimates and achieving a revenue increase of 16.7% year-over-year, with total revenue of $759.04 million.

HB Wealth Management LLC boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 941.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,022 shares of the technology company's stock after acquiring an additional 16,291 shares during the quarter. HB Wealth Management LLC's holdings in Veeva Systems were worth $4,174,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Abound Financial LLC bought a new position in Veeva Systems in the first quarter valued at about $25,000. ORG Partners LLC bought a new position in Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC boosted its holdings 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 buying an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new position in Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc boosted its holdings 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 buying an additional 95 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 1.0%

Shares of NYSE:VEEV traded up $2.97 during trading on Thursday, hitting $289.87. 387,153 shares of the company were exchanged, compared to its average volume of 1,326,303. The stock has a market cap of $47.37 billion, a price-to-earnings ratio of 61.36, a P/E/G ratio of 2.28 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $177.41 and a fifty-two week high of $296.72. The firm has a fifty day moving average price of $278.08 and a two-hundred day moving average price of $245.76.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The firm had revenue of $759.04 million for 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%. The business's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.50 EPS. As a group, research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Wall Street Analysts Forecast Growth

VEEV has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. KeyCorp raised their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Piper Sandler raised their target price on 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 upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Morgan Stanley lifted their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on 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 $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. In the last three months, insiders have sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is owned by insiders.

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.