Candriam S.C.A. Buys 30,252 Shares of Veeva Systems Inc. $VEEV

Key Points

• Candriam S.C.A. increased its stake in Veeva Systems by 10%, now holding approximately 332,222 shares valued at $76.95 million.
• Veeva Systems reported $1.97 EPS for the last quarter, surpassing estimates, with revenue growing by 16.7% year-over-year to $759.04 million.
• Analysts have a generally positive outlook on Veeva Systems, with multiple brokerages raising their price targets and recommending buy ratings.

Candriam S.C.A. lifted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 332,222 shares of the technology company's stock after acquiring an additional 30,252 shares during the period. Candriam S.C.A. owned approximately 0.20% of Veeva Systems worth $76,953,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Veeva Systems during the first quarter worth about $25,000. ORG Partners LLC acquired a new stake in Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC grew its stake in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc grew its stake in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VEEV has been the topic of a number of analyst reports. KeyCorp increased their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Mizuho increased their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Citigroup increased their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Finally, Wells Fargo & Company increased their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $274.17.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by insiders.

Veeva Systems Price Performance

NYSE VEEV traded down $3.0180 during trading hours on Monday, reaching $287.8420. The company's stock had a trading volume of 438,539 shares, compared to its average volume of 1,291,964. The firm has a fifty day simple moving average of $282.35 and a 200-day simple moving average of $252.69. The stock has a market cap of $47.04 billion, a P/E ratio of 61.03, a P/E/G ratio of 2.30 and a beta of 0.95. Veeva Systems Inc. has a 52 week low of $197.01 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during 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%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business earned $1.50 EPS. On average, research analysts expect 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.