Prudential PLC Acquires 39,897 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Prudential PLC increased its stake in Veeva Systems Inc. by 80.4%, acquiring a total of 89,499 shares valued at approximately $20.73 million.
• Several institutional investors, including Abound Financial LLC and ORG Partners LLC, have also entered new positions or increased their holdings in Veeva Systems during the first quarter.
• Veeva Systems reported earnings of $1.97 EPS for the latest quarter, surpassing analysts' estimates and showing a year-over-year revenue increase of 16.7% to $759.04 million.

Prudential PLC boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 80.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 89,499 shares of the technology company's stock after purchasing an additional 39,897 shares during the quarter. Prudential PLC owned approximately 0.06% of Veeva Systems worth $20,731,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. boosted its stake in Veeva Systems by 9.2% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 47,915 shares of the technology company's stock worth $11,114,000 after purchasing an additional 4,041 shares during the period. Motley Fool Asset Management LLC boosted its stake in Veeva Systems by 3.6% in the 1st quarter. Motley Fool Asset Management LLC now owns 7,552 shares of the technology company's stock worth $1,749,000 after purchasing an additional 260 shares during the period. Linscomb Wealth Inc. boosted its stake in Veeva Systems by 5.9% in the 1st quarter. Linscomb Wealth Inc. now owns 12,046 shares of the technology company's stock worth $2,790,000 after purchasing an additional 669 shares during the period. Nuveen LLC bought a new position in Veeva Systems in the 1st quarter worth about $365,684,000. Finally, Aigen Investment Management LP bought a new position in Veeva Systems in the 1st quarter worth about $644,000. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Raymond James Financial raised their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday, May 29th. KeyCorp raised 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. Wells Fargo & Company raised their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Barclays raised their price target on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Finally, Morgan Stanley raised their price target on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" 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 assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred on 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 transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 in the last ninety days. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 1.4%

Shares of NYSE VEEV traded up $3.74 during trading hours on Wednesday, reaching $279.17. 909,708 shares of the stock traded hands, compared to its average volume of 1,215,126. The company has a market capitalization of $45.62 billion, a P/E ratio of 59.15, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $187.66 and a 52-week high of $296.72. The company's 50-day simple moving average is $282.64 and its two-hundred day simple moving average is $250.07.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for 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 quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 EPS. As a group, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

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.