LGT Group Foundation Has $32.70 Million Holdings in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• LGT Group Foundation increased its ownership of Veeva Systems Inc. by 11.8%, owning 141,162 shares valued at approximately $32.7 million after the acquisition.
• KeyCorp raised its price target for Veeva Systems' stock from $285.00 to $325.00 while maintaining an "overweight" rating, indicating positive expectations for the company's growth.
• Recent quarterly earnings showed Veeva Systems reported $1.97 earnings per share, exceeding estimates and showcasing a revenue increase of 16.7% year-over-year.

LGT Group Foundation raised its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,162 shares of the technology company's stock after purchasing an additional 14,934 shares during the period. LGT Group Foundation owned about 0.09% of Veeva Systems worth $32,697,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after buying an additional 315,421 shares during the last quarter. 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 bought a new position in shares of Veeva Systems in the fourth quarter worth $685,355,000. JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 7.5% in the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after purchasing an additional 225,125 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 6.4% in the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock worth $730,181,000 after purchasing an additional 188,332 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on VEEV. Piper Sandler increased their price target on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus increased their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Wells Fargo & Company increased their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. KeyCorp increased 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. Finally, Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $274.17.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction 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 transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $3.98 during mid-day trading on Thursday, reaching $275.20. 83,539 shares of the company traded hands, compared to its average volume of 1,304,495. The stock has a market cap of $44.97 billion, a PE ratio of 58.28, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. The company's fifty day moving average is $282.64 and its two-hundred day moving average is $250.07. Veeva Systems Inc. has a fifty-two week low of $190.38 and a fifty-two week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the business earned $1.50 earnings per share. The firm's revenue for the quarter was up 16.7% on a year-over-year basis. Research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems 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.