Dimensional Fund Advisors LP Decreases Stake in Veeva Systems Inc. $VEEV

Key Points

• Dimensional Fund Advisors LP has decreased its holdings in Veeva Systems by 0.3%, owning 471,707 shares valued at approximately $109.27 million by the end of the latest quarter.
• Veeva Systems reported $1.97 EPS for the last quarter, exceeding analysts' expectations of $1.74, alongside a revenue increase of 16.7% year-over-year to $759.04 million.
• Analysts have a consensus rating of "Moderate Buy" for Veeva Systems, with price targets ranging from $274.17 to as high as $325.00, showcasing optimism about the company's future performance.

Dimensional Fund Advisors LP lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 471,707 shares of the technology company's stock after selling 1,447 shares during the period. Dimensional Fund Advisors LP owned approximately 0.29% of Veeva Systems worth $109,266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Abound Financial LLC bought a new position in Veeva Systems during the 1st quarter valued at approximately $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth $26,000. Golden State Wealth Management LLC increased its holdings in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth $32,000. Finally, Key Financial Inc increased its holdings in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after purchasing an additional 95 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded up $8.83 during trading hours on Wednesday, hitting $295.37. The company's stock had a trading volume of 1,409,749 shares, compared to its average volume of 1,297,967. The business has a 50 day moving average price of $282.48 and a two-hundred day moving average price of $253.26. Veeva Systems Inc. has a 12-month low of $198.12 and a 12-month high of $296.72. The company has a market cap of $48.27 billion, a PE ratio of 62.54, a PEG ratio of 2.26 and a beta of 0.95.

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 the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%.The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same period in the previous year, the business earned $1.50 earnings per share. The business's revenue was up 16.7% on a year-over-year basis. As a group, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on VEEV shares. Piper Sandler lifted their target price on Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Wells Fargo & Company lifted their target price on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a report on Tuesday. Raymond James Financial lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Needham & Company LLC lifted their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "buy" rating in a report on Thursday, May 29th. Finally, Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $275.25.

Insider Activity

In other news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal 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 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 completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. The trade was 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 worth $394,217 over the last ninety days. Corporate insiders own 10.30% of the company's stock.

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.