Veeva Systems Inc. (NYSE:VEEV) Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Veeva Systems by 56.3%, owning 314,477 shares valued at approximately $72.9 million as of the end of the last quarter.
• Investment by other institutions included Johnson Financial Group raising its stake by 22.7% and Marks Group Wealth Management by 3.3%, with institutional ownership now at 88.20%.
• Veeva Systems reported quarterly earnings of $1.97 EPS, exceeding estimates and marking a 16.7% increase in revenue year-over-year, indicating strong financial performance.

Russell Investments Group Ltd. lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 56.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 314,477 shares of the technology company's stock after purchasing an additional 113,225 shares during the quarter. Russell Investments Group Ltd. owned about 0.19% of Veeva Systems worth $72,936,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Johnson Financial Group Inc. raised its stake in Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock valued at $56,000 after purchasing an additional 44 shares during the last quarter. Marks Group Wealth Management Inc raised its stake in Veeva Systems by 3.3% in the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after purchasing an additional 46 shares during the last quarter. Colonial Trust Co SC raised its stake in Veeva Systems by 30.3% in the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after purchasing an additional 56 shares during the last quarter. Harbour Investments Inc. raised its stake in Veeva Systems by 7.6% in the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after purchasing an additional 56 shares during the last quarter. Finally, CoreCap Advisors LLC raised its stake in Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Priscilla Hung sold 172 shares of the business's 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 sale, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the sale, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Piper Sandler upped their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Barclays upped their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus upped their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, Truist Financial boosted their price objective 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 given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Stock Down 0.6%

VEEV opened at $275.24 on Wednesday. The firm has a market capitalization of $44.98 billion, a P/E ratio of 58.31, a P/E/G ratio of 2.19 and a beta of 0.95. The firm's 50 day moving average is $282.71 and its 200-day moving average is $249.87. Veeva Systems Inc. has a 52-week low of $185.51 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. Equities analysts expect 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.

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