Jefferies Financial Group Inc. Purchases New Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Jefferies Financial Group Inc. has established a new position in Veeva Systems, acquiring 3,465 shares worth approximately $803,000 in the first quarter of 2023.
• Various hedge funds have increased their stakes in Veeva Systems, with 88.20% of the stock currently owned by institutional investors.
• Analysts have positive outlooks for Veeva Systems, with multiple firms raising their price targets and a consensus rating of "Moderate Buy."

Jefferies Financial Group Inc. bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,465 shares of the technology company's stock, valued at approximately $803,000.

Other hedge funds have also added to or reduced their stakes in the company. Johnson Financial Group Inc. grew its position in Veeva Systems by 22.7% during the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after buying an additional 44 shares during the period. Marks Group Wealth Management Inc boosted its stake in shares of Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after acquiring an additional 46 shares during the last quarter. Colonial Trust Co SC grew its position in shares of Veeva Systems by 30.3% during the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after acquiring an additional 56 shares during the period. Harbour Investments Inc. increased its stake in shares of Veeva Systems by 7.6% in the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after purchasing an additional 56 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after purchasing an additional 60 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

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

Wall Street Analysts Forecast Growth

VEEV has been the topic of several analyst reports. Barclays lifted their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Morgan Stanley lifted their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Citigroup raised their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Performance

Shares of VEEV traded up $0.79 during mid-day trading on Wednesday, hitting $282.25. 778,546 shares of the stock were exchanged, compared to its average volume of 1,243,365. The company has a market cap of $46.12 billion, a PE ratio of 59.80, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $182.21 and a 52-week high of $296.72. The firm has a 50-day moving average of $281.91 and a two-hundred day moving average of $247.91.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced 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. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter in the previous year, the business posted $1.50 earnings per share. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS 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.