Skandinaviska Enskilda Banken AB publ Has $50.82 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Skandinaviska Enskilda Banken AB reduced its holdings in Veeva Systems Inc. by 7.3%, selling 17,337 shares during the 1st quarter, leaving them with a total of 219,420 shares valued at approximately $50.8 million.
• Veeva Systems reported a 16.7% increase in year-over-year revenue for the latest quarter, achieving $759.04 million and exceeding analysts' expectations.
• Institutional investors own a significant 88.20% of Veeva Systems' stock, reflecting strong interest from larger investment entities.

Skandinaviska Enskilda Banken AB publ lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 219,420 shares of the technology company's stock after selling 17,337 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.13% of Veeva Systems worth $50,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Abound Financial LLC acquired a new stake in shares of Veeva Systems during the first quarter valued at $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems during the first quarter valued at $26,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc lifted its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the sale, the director owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Piper Sandler increased their target price on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Citigroup raised their price objective on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Barclays raised their price objective on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. KeyCorp raised their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Raymond James Financial raised their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Up 0.8%

Veeva Systems stock traded up $2.36 during mid-day trading on Monday, hitting $292.77. 1,450,475 shares of the company's stock traded hands, compared to its average volume of 1,331,154. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $295.93. The firm has a 50 day moving average price of $275.05 and a 200 day moving average price of $244.65. The company has a market cap of $47.84 billion, a PE ratio of 62.03, a price-to-earnings-growth ratio of 2.30 and a beta of 0.98.

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

Veeva Systems Company 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.