LGT Fund Management Co Ltd. Acquires 5,909 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• LGT Fund Management Co Ltd. increased its stake in Veeva Systems Inc. by 17.8% in Q1, now holding 39,158 shares valued at approximately $9.07 million.
• Veeva Systems reported $1.97 earnings per share (EPS) for the last quarter, surpassing expectations and indicating a 16.7% year-over-year revenue growth.
• Analysts have raised Veeva's price targets, with Barclays and Wells Fargo both setting new targets of $300.00, highlighting a consensus rating of "Moderate Buy".

LGT Fund Management Co Ltd. grew its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,158 shares of the technology company's stock after acquiring an additional 5,909 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Veeva Systems were worth $9,070,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Russell Investments Group Ltd. grew its holdings in Veeva Systems by 56.3% during the first quarter. Russell Investments Group Ltd. now owns 314,477 shares of the technology company's stock worth $72,936,000 after buying an additional 113,225 shares in the last quarter. Prudential PLC grew its holdings in Veeva Systems by 80.4% during the first quarter. Prudential PLC now owns 89,499 shares of the technology company's stock worth $20,731,000 after buying an additional 39,897 shares in the last quarter. Resona Asset Management Co. Ltd. grew its holdings in Veeva Systems by 9.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 47,915 shares of the technology company's stock worth $11,114,000 after buying an additional 4,041 shares in the last quarter. Motley Fool Asset Management LLC grew its holdings in Veeva Systems by 3.6% during the first quarter. Motley Fool Asset Management LLC now owns 7,552 shares of the technology company's stock worth $1,749,000 after buying an additional 260 shares in the last quarter. Finally, Linscomb Wealth Inc. grew its holdings in Veeva Systems by 5.9% during the first quarter. Linscomb Wealth Inc. now owns 12,046 shares of the technology company's stock worth $2,790,000 after buying an additional 669 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VEEV shares. Citigroup boosted 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. Piper Sandler boosted their price objective on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Needham & Company LLC boosted 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. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, Raymond James Financial boosted their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Two research 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Stock Down 1.5%

Shares of NYSE:VEEV traded down $4.05 during midday trading on Thursday, reaching $275.13. 83,539 shares of the company traded hands, compared to its average volume of 1,304,495. Veeva Systems Inc. has a 12 month low of $190.38 and a 12 month high of $296.72. The firm has a market capitalization of $44.96 billion, a price-to-earnings ratio of 58.28, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. The firm's fifty day moving average price is $282.64 and its two-hundred day moving average price is $250.07.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the company posted $1.50 EPS. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 171 shares of the business's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents 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 worth $394,217. 10.30% of the stock is owned by company insiders.

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.