Hsbc Holdings PLC Buys 68,521 Shares of Veeva Systems Inc. $VEEV

Key Points

• Hsbc Holdings PLC increased its stake in Veeva Systems by 52.7%, acquiring an additional 68,521 shares in the first quarter, now holding about 0.12% of the company valued at approximately $45.9 million.
• Several institutional investors have recently acquired shares in Veeva Systems, collectively holding 88.20% of the stock, reflecting strong institutional interest in the company.
• Veeva Systems reported earnings per share of $1.97 in its latest quarter, outperforming analysts' expectations and marking a 16.7% increase in revenue year-over-year.

Hsbc Holdings PLC grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 52.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 198,572 shares of the technology company's stock after acquiring an additional 68,521 shares during the quarter. Hsbc Holdings PLC owned about 0.12% of Veeva Systems worth $45,944,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sowell Financial Services LLC bought a new stake in shares of Veeva Systems during the 1st quarter valued at $274,000. Crossmark Global Holdings Inc. bought a new stake in shares of Veeva Systems during the 1st quarter worth $299,000. Janney Montgomery Scott LLC bought a new stake in shares of Veeva Systems during the 1st quarter worth $5,876,000. GAMMA Investing LLC lifted its position in shares of Veeva Systems by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after buying an additional 221 shares during the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Veeva Systems by 35.0% during the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after buying an additional 64 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last ninety days. 10.30% of the stock is owned by insiders.

Veeva Systems Price Performance

Veeva Systems stock opened at $282.57 on Friday. The business has a 50 day moving average of $282.17 and a 200-day moving average of $252.10. Veeva Systems Inc. has a 1 year low of $196.10 and a 1 year high of $296.72. The company has a market capitalization of $46.17 billion, a P/E ratio of 59.87, a P/E/G ratio of 2.25 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 (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The company had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. During the same period last year, the company earned $1.50 earnings per share. The firm's revenue was up 16.7% compared to the same quarter last year. Equities analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on VEEV. Citigroup upped their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Needham & Company LLC upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Morgan Stanley upped their price objective on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Raymond James Financial lifted their price target on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price 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.

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