Pictet Asset Management Holding SA Purchases 483,720 Shares of Veeva Systems Inc. $VEEV

Key Points

• Pictet Asset Management increased its stake in Veeva Systems by 43.6% in the first quarter, buying 483,720 more shares and bringing its total holding to 1,593,795 shares worth about $280 million.
• Veeva reported better-than-expected quarterly results, with EPS of $2.24 and revenue of $882.95 million, both topping analyst estimates and rising 16.3% year over year.
• Analysts remain mostly positive on the stock, with a Moderate Buy consensus and an average price target of $250.96, though some firms have recently trimmed their targets and one downgraded the shares to hold.

Pictet Asset Management Holding SA increased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 43.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,593,795 shares of the technology company's stock after purchasing an additional 483,720 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.98% of Veeva Systems worth $279,970,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Union Bancaire Privee UBP SA boosted its stake in shares of Veeva Systems by 9.2% in the 1st quarter. Union Bancaire Privee UBP SA now owns 23,174 shares of the technology company's stock worth $4,071,000 after buying an additional 1,947 shares during the last quarter. HF Advisory Group LLC increased its position in shares of Veeva Systems by 18.2% during the first quarter. HF Advisory Group LLC now owns 2,731 shares of the technology company's stock valued at $480,000 after acquiring an additional 421 shares during the last quarter. Aaron Wealth Advisors LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $270,000. OLD National Bancorp IN lifted its holdings in Veeva Systems by 2.9% during the first quarter. OLD National Bancorp IN now owns 45,986 shares of the technology company's stock worth $8,078,000 after acquiring an additional 1,299 shares during the period. Finally, Triangle Securities Wealth Management lifted its holdings in Veeva Systems by 1.3% during the first quarter. Triangle Securities Wealth Management now owns 6,192 shares of the technology company's stock worth $1,088,000 after acquiring an additional 80 shares during the period. 88.20% of the stock is owned by institutional investors.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares in the company, valued at $506,296.92. This trade represents a 18.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.60% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on VEEV shares. Mizuho reduced their price objective on Veeva Systems from $295.00 to $270.00 and set an "outperform" rating for the company in a research note on Thursday, June 4th. Royal Bank Of Canada reiterated an "outperform" rating and set a $275.00 target price on shares of Veeva Systems in a research note on Thursday, June 4th. Truist Financial reissued a "buy" rating and issued a $262.00 price target (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. TD Cowen restated a "buy" rating on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, Zacks Research downgraded shares of Veeva Systems from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 14th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $250.96.

Veeva Systems Price Performance

Shares of VEEV stock opened at $171.28 on Friday. The company's fifty day simple moving average is $163.76 and its two-hundred day simple moving average is $186.42. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50. The stock has a market capitalization of $27.82 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 0.74 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, topping analysts' consensus estimates of $2.14 by $0.10. The firm had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The business's revenue for the quarter was up 16.3% on a year-over-year basis. During the same period last year, the company earned $1.97 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. Equities research analysts anticipate that Veeva Systems Inc. will post 6.65 EPS for the current year.

Veeva Systems Company Profile

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

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