Quantum Capital Management LLC NJ Has $92.14 Million Stake in Veeva Systems Inc. $VEEV

Key Points

• Quantum Capital Management LLC NJ reduced its stake in Veeva Systems by 3.3%, selling 13,568 shares and holding 397,773 shares, making it the firm's largest position.
• Veeva Systems reported a Q1 EPS of $1.97, surpassing estimates by $0.23, with revenue of $759.04 million, marking a 16.7% year-over-year increase.
• Multiple analysts have raised their price targets for Veeva Systems, with KeyCorp increasing its target to $325.00 and four analysts giving the stock a "Buy" rating, indicating continued confidence in the company's performance.

Quantum Capital Management LLC NJ trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 397,773 shares of the technology company's stock after selling 13,568 shares during the period. Veeva Systems accounts for 9.5% of Quantum Capital Management LLC NJ's portfolio, making the stock its biggest position. Quantum Capital Management LLC NJ owned approximately 0.24% of Veeva Systems worth $92,136,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Veeva Systems by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after purchasing an additional 315,421 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in Veeva Systems by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after acquiring an additional 34,169 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems in the fourth quarter worth $685,355,000. JPMorgan Chase & Co. boosted its holdings in Veeva Systems by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after acquiring an additional 225,125 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after acquiring an additional 188,332 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $8.75 during midday trading on Friday, reaching $291.03. 961,444 shares of the company's stock traded hands, compared to its average volume of 1,080,466. The company has a market cap of $47.56 billion, a price-to-earnings ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95. Veeva Systems Inc. has a one year low of $196.10 and a one year high of $296.72. The stock has a 50 day moving average of $282.35 and a 200 day moving average of $252.59.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.Veeva Systems's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 earnings per share. Sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 171 shares of the company'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 completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the 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 sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. UBS Group boosted their target price on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. KeyCorp boosted their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Truist Financial boosted their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Needham & Company LLC boosted their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Finally, Morgan Stanley boosted their target price on Veeva Systems from $201.00 to $210.00 and gave the stock an "underweight" rating in a report on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

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.