Veeva Systems Inc. $VEEV Shares Newly Acquired by Cantor Fitzgerald Investment Advisors L.P.

Key Points

• Cantor Fitzgerald Investment Advisors acquired 69,700 Veeva Systems shares worth approximately $19.9 million in the third quarter, while institutional investors collectively own 88.2% of the company.
• Veeva reported quarterly earnings of $2.35 per share and revenue of $927.96 million, exceeding analyst estimates; revenue increased 17.6% year over year.
• Analysts maintain a “Moderate Buy” consensus, with 19 Buy, eight Hold, and one Sell rating and an average price target of $287.79. Shares recently traded at $320.20, near their 12-month high.

Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 69,700 shares of the technology company's stock, valued at approximately $19,896,000. Veeva Systems accounts for about 0.9% of Cantor Fitzgerald Investment Advisors L.P.'s holdings, making the stock its 27th largest position.

A number of other hedge funds also recently made changes to their positions in VEEV. SHP Wealth Management acquired a new stake in Veeva Systems during the 4th quarter valued at approximately $26,000. Compass Financial Management LLC bought a new position in Veeva Systems during the second quarter worth $27,000. Burkett Financial Services LLC bought a new position in Veeva Systems during the third quarter worth $27,000. Arlington Trust Co LLC acquired a new position in Veeva Systems in the second quarter valued at $29,000. Finally, Field & Main Bank bought a new stake in Veeva Systems during the second quarter valued at $29,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Up 0.5%

Shares of Veeva Systems stock opened at $320.20 on Thursday. The stock has a fifty day simple moving average of $274.67 and a 200 day simple moving average of $211.23. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $322.99. The company has a market capitalization of $51.84 billion, a P/E ratio of 51.48, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period last year, the firm earned $1.99 earnings per share. The firm's revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, analysts predict that Veeva Systems Inc. will post 6.70 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Robert W. Baird boosted their price target on Veeva Systems from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Thursday, August 27th. Oppenheimer reaffirmed an "outperform" rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. Guggenheim lifted their price objective on shares of Veeva Systems from $276.00 to $310.00 and gave the company a "buy" rating in a research note on Thursday, August 27th. Truist Financial boosted their target price on shares of Veeva Systems from $262.00 to $305.00 and gave the company a "buy" rating in a research report on Thursday, August 27th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $330.00 target price on shares of Veeva Systems in a research note on Tuesday, September 8th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $287.79.

Insider Transactions at Veeva Systems

In related news, EVP Daniel Rizzo sold 4,841 shares of Veeva Systems stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company's stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the transaction, the director owned 3,242 shares of the company's stock, valued at $846,291.68. The trade was a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 56,789 shares of company stock valued at $14,913,889. Corporate insiders own 10.60% of the company's stock.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.