IPG Investment Advisors LLC Purchases 8,120 Shares of Veeva Systems Inc. $VEEV

Key Points

• IPG Investment Advisors initiated a Veeva Systems position, buying 8,120 shares worth approximately $2.32 million in the third quarter. Institutional investors collectively own 88.2% of the company’s stock.
• Veeva reported quarterly earnings of $2.35 per share, above the $2.23 consensus estimate, and revenue of about $928 million, up 17.6% year over year.
• Company insiders sold 56,789 shares worth about $14.9 million over the past three months. Analysts have a “Moderate Buy” consensus rating and an average price target of $293.21.

IPG Investment Advisors LLC purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 8,120 shares of the technology company's stock, valued at approximately $2,318,000.

A number of other hedge funds have also recently modified their holdings of VEEV. BOCHK Asset Management Ltd boosted its holdings in Veeva Systems by 1,320,000.0% in the 3rd quarter. BOCHK Asset Management Ltd now owns 26,402 shares of the technology company's stock valued at $7,536,000 after purchasing an additional 26,400 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Veeva Systems by 16.2% during the 3rd quarter. Greenleaf Trust now owns 1,700 shares of the technology company's stock worth $485,000 after buying an additional 237 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. acquired a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $293,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $14,219,000. Finally, ProShare Advisors LLC raised its position in shares of Veeva Systems by 0.9% during the 3rd quarter. ProShare Advisors LLC now owns 24,304 shares of the technology company's stock valued at $6,938,000 after buying an additional 210 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 5,198 shares of the company's stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $299.72, for a total transaction of $1,557,944.56. Following the sale, the senior vice president directly owned 4,130 shares of the company's stock, valued at $1,237,843.60. This represents a 55.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel J. Rizzo sold 4,841 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the sale, the executive vice president owned 7,665 shares in the company, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.1%

NYSE:VEEV opened at $303.66 on Wednesday. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $325.99. The stock's fifty day moving average is $286.26 and its two-hundred day moving average is $210.61. The stock has a market capitalization of $49.17 billion, a price-to-earnings ratio of 49.60, a price-to-earnings-growth ratio of 1.31 and a beta of 0.89.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. Veeva Systems's revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 EPS. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, sell-side analysts expect that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent analyst reports. Needham & Company LLC upped their price objective on Veeva Systems from $270.00 to $310.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Oppenheimer reiterated an "outperform" rating and issued a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. Citigroup raised their target price on Veeva Systems from $190.00 to $273.00 and gave the stock a "neutral" rating in a research note on Friday, August 28th. Mizuho set a $345.00 target price on Veeva Systems in a research report on Thursday, October 29th. Finally, Canaccord Genuity Group lifted their target price on Veeva Systems from $220.00 to $260.00 and gave the company a "hold" rating in a research report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $293.21.

Veeva Systems Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

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