Pacer Advisors Inc. Purchases 11,840 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Pacer Advisors Inc. increased its holdings in Veeva Systems by 45.7% during the 1st quarter, now owning a total of 37,742 shares worth approximately $8.74 million.
• Veeva Systems reported a 16.7% increase in quarterly revenue year-over-year, totaling $759.04 million, alongside an EPS of $1.97 which surpassed expectations.
• Analyst ratings for Veeva Systems vary, with fifteen ratings classified as a "buy" and an average price target of $274.17.

Pacer Advisors Inc. grew its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 45.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,742 shares of the technology company's stock after acquiring an additional 11,840 shares during the quarter. Pacer Advisors Inc.'s holdings in Veeva Systems were worth $8,742,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems during the fourth quarter worth $685,355,000. Norges Bank purchased a new position in Veeva Systems in the fourth quarter valued at $294,785,000. Stockbridge Partners LLC purchased a new position in Veeva Systems in the fourth quarter valued at $137,260,000. Marshall Wace LLP lifted its holdings in Veeva Systems by 413.3% during the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock worth $134,219,000 after buying an additional 514,004 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Veeva Systems by 26,258.4% during the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock worth $97,808,000 after buying an additional 420,659 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

VEEV has been the topic of a number of research analyst reports. Raymond James Financial lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Morgan Stanley boosted their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a research report on Thursday, May 29th. UBS Group boosted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Citigroup boosted their target price on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, Truist Financial boosted their price target on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. Two 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 currently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The shares were 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. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock valued at $394,217. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $2.63 during trading hours on Thursday, hitting $289.53. The stock had a trading volume of 321,036 shares, compared to its average volume of 1,325,788. Veeva Systems Inc. has a 1-year low of $177.41 and a 1-year high of $296.72. The firm has a market capitalization of $47.31 billion, a price-to-earnings ratio of 61.36, a PEG ratio of 2.28 and a beta of 0.98. The stock's fifty day simple moving average is $278.08 and its 200 day simple moving average is $245.76.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted $1.50 earnings per share. As a group, research analysts anticipate 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.