Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Veeva Systems by 9.2%, holding 47,915 shares valued at approximately $11.11 million as of its latest SEC filing.
• A total of 88.20% of Veeva Systems stock is owned by institutional investors, indicating strong market interest and confidence in the company's prospects.
• Analysts have raised their price targets for Veeva Systems, with Piper Sandler setting a new target of $325.00, reflecting a positive outlook on the company's growth potential.

Resona Asset Management Co. Ltd. lifted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,915 shares of the technology company's stock after buying an additional 4,041 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Veeva Systems were worth $11,114,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Sowell Financial Services LLC purchased a new stake in Veeva Systems during the first quarter valued at $274,000. Crossmark Global Holdings Inc. purchased a new stake in Veeva Systems during the first quarter valued at $299,000. GAMMA Investing LLC raised its stake in Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Veeva Systems during the first quarter valued at $5,876,000. Finally, Private Trust Co. NA raised its stake in Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 1.9%

VEEV traded up $5.20 on Friday, hitting $280.18. The company had a trading volume of 815,649 shares, compared to its average volume of 1,205,987. The firm has a market cap of $45.78 billion, a P/E ratio of 59.36, a PEG ratio of 2.22 and a beta of 0.95. Veeva Systems Inc. has a 1 year low of $190.69 and a 1 year high of $296.72. The company's fifty day moving average price is $282.25 and its 200 day moving average price is $250.75.

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

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VEEV. Piper Sandler increased their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Barclays increased their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Citigroup upped their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Truist Financial lifted their price target on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $274.17.

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.