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US Bancorp DE Boosts Stake in Veeva Systems Inc. (NYSE:VEEV)

Veeva Systems logo with Medical background

Key Points

  • US Bancorp DE increased its stake in Veeva Systems by 5.0%, acquiring an additional 7,585 shares, bringing its total ownership to 158,999 shares valued at approximately $36,829,000.
  • Veeva Systems reported a quarterly earnings of $1.97 per share, exceeding expectations, with a revenue of $759.04 million, reflecting a year-over-year increase of 16.7%.
  • Recent analyst reports have boosted Veeva's price targets, with Piper Sandler raising its price objective from $255 to $325, indicating strong investor confidence in the company's future performance.
  • Five stocks we like better than Veeva Systems.

US Bancorp DE lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 158,999 shares of the technology company's stock after acquiring an additional 7,585 shares during the period. US Bancorp DE owned 0.10% of Veeva Systems worth $36,829,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its stake in Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after buying an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems during the 4th quarter worth approximately $685,355,000. FMR LLC grew its stake in Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after buying an additional 232,116 shares during the last quarter. Principal Financial Group Inc. grew its stake in Veeva Systems by 6.4% during the 1st quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after buying an additional 188,332 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Veeva Systems by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock worth $589,208,000 after buying an additional 38,108 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

Veeva Systems Trading Down 1.1%

Shares of NYSE VEEV traded down $3.15 during trading on Friday, reaching $281.05. The company had a trading volume of 996,717 shares, compared to its average volume of 1,295,945. Veeva Systems Inc. has a twelve month low of $177.41 and a twelve month high of $296.72. The stock has a market capitalization of $45.93 billion, a PE ratio of 59.54, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. The stock has a 50-day moving average price of $280.01 and a two-hundred day moving average price of $247.20.

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 firm had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The business's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.50 earnings per share. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Analyst Ratings Changes

VEEV has been the topic of a number of research reports. KeyCorp raised their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Citigroup lifted their target price on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Truist Financial lifted their target price on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday, May 29th. Raymond James Financial lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $274.17.

Check Out Our Latest Stock Report on VEEV

About Veeva Systems

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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