Lord Abbett & CO. LLC Has $5.33 Million Stake in Veeva Systems Inc. $VEEV

Key Points

• Lord Abbett & CO. LLC reduced its stake in Veeva Systems Inc. by 78.9% in Q1, selling 86,001 shares and leaving it with 22,999 shares valued at approximately $5.3 million.
• Veeva Systems' stock has seen multiple price target increases from analysts, with targets ranging from $295.00 to $329.00, indicating a general consensus of a "Moderate Buy."
• Insider sales included SVP Jonathan Faddis selling 720 shares for over $205,000, decreasing his ownership by 8.35%.

Lord Abbett & CO. LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 78.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,999 shares of the technology company's stock after selling 86,001 shares during the quarter. Lord Abbett & CO. LLC's holdings in Veeva Systems were worth $5,327,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Veeva Systems by 1.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 43,569 shares of the technology company's stock valued at $10,092,000 after acquiring an additional 800 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in Veeva Systems by 2.1% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,788 shares of the technology company's stock valued at $1,109,000 after acquiring an additional 100 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Veeva Systems by 140.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 625 shares of the technology company's stock valued at $145,000 after acquiring an additional 365 shares during the last quarter. S Bank Fund Management Ltd bought a new position in Veeva Systems in the first quarter valued at approximately $322,000. Finally, National Pension Service increased its stake in Veeva Systems by 2.6% in the first quarter. National Pension Service now owns 205,892 shares of the technology company's stock valued at $47,691,000 after acquiring an additional 5,251 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Raymond James Financial raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, May 29th. Piper Sandler raised their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. UBS Group raised their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Finally, Stifel Nicolaus raised their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $1.8690 during mid-day trading on Tuesday, reaching $283.9690. 1,030,831 shares of the company's stock were exchanged, compared to its average volume of 1,153,251. The firm has a market capitalization of $46.40 billion, a price-to-earnings ratio of 60.16, a PEG ratio of 2.23 and a beta of 0.95. The business's fifty day moving average price is $282.25 and its 200-day moving average price is $251.54. Veeva Systems Inc. has a twelve month low of $192.73 and a twelve month high of $296.72.

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

Insider Transactions at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the business's 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 transaction, the director owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

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.