Sand Hill Global Advisors LLC Increases Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Sand Hill Global Advisors LLC increased its holdings in Veeva Systems by 8.3%, reaching a total of 52,869 shares, valued at approximately $12.2 million.
• Veeva Systems reported a quarterly EPS of $1.97, surpassing the analyst consensus of $1.74, along with revenue of $759.04 million, reflecting a 16.7% year-over-year growth.
• Wall Street analysts have raised their price targets for Veeva Systems, with several firms setting targets as high as $325.00, indicating a generally positive outlook for the company's stock.

Sand Hill Global Advisors LLC lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 52,869 shares of the technology company's stock after acquiring an additional 4,049 shares during the period. Sand Hill Global Advisors LLC's holdings in Veeva Systems were worth $12,246,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of VEEV. Sowell Financial Services LLC acquired a new position in shares of Veeva Systems during the 1st quarter worth $274,000. Crossmark Global Holdings Inc. purchased a new stake in Veeva Systems during the 1st quarter worth about $299,000. GAMMA Investing LLC increased its position in Veeva Systems by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $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 1st quarter worth about $5,876,000. Finally, Private Trust Co. NA increased its position in Veeva Systems by 35.0% during the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 1.9%

Veeva Systems stock opened at $280.18 on Monday. The stock has a market cap of $45.78 billion, a P/E ratio of 59.36, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. The stock has a 50 day moving average of $282.25 and a 200-day moving average of $250.97. Veeva Systems Inc. has a 52 week low of $190.69 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate 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%. The business's revenue was up 16.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.50 EPS. As a group, equities analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on VEEV shares. Needham & Company LLC lifted their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Raymond James Financial lifted their price target on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. KeyCorp lifted their price target on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Finally, Truist Financial lifted their price target on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was 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 approximately $2,256,969.24. This represents a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the company's 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 sale, the director directly 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,378 shares of company stock valued at $394,217. Corporate insiders own 10.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.