Navellier & Associates Inc. Takes $214,000 Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Navellier & Associates Inc. has acquired a new stake in Veeva Systems, purchasing 902 shares valued at approximately $214,000.
• Institutional investors now own 88.20% of Veeva Systems' stock, with several hedge funds increasing their holdings significantly in the first quarter.
• Veeva Systems reported impressive quarterly earnings, with $1.97 earnings per share, exceeding expectations, and a revenue increase of 16.7% compared to the previous year.

Navellier & Associates Inc. bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 902 shares of the technology company's stock, valued at approximately $214,000.

A number of other hedge funds also recently bought and sold shares of VEEV. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $685,355,000. Norges Bank acquired a new position in shares of Veeva Systems in the 4th quarter valued at $294,785,000. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at $137,260,000. Marshall Wace LLP increased its position in shares of Veeva Systems by 413.3% in the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after acquiring an additional 514,004 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after acquiring an additional 447,041 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on 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 in the company, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 in the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Raymond James Financial upped their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Piper Sandler upped their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" 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. Truist Financial increased their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Finally, Morgan Stanley increased their price target on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $2.36 during trading on Monday, reaching $292.77. The stock had a trading volume of 1,452,436 shares, compared to its average volume of 1,331,164. The business has a fifty day moving average price of $275.05 and a 200-day moving average price of $244.65. The stock has a market cap of $47.84 billion, a PE ratio of 62.03, a PEG ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $295.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results 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 net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the firm earned $1.50 earnings per share. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. Sell-side analysts expect that Veeva Systems Inc. will post 4.35 earnings per share 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.