Veeva Systems Inc. $VEEV Stock: BOCHK Asset Management Ltd Increases Holdings

Key Points

• BOCHK Asset Management significantly increased its Veeva Systems stake during the third quarter, acquiring 26,400 additional shares and bringing its holdings to 26,402 shares valued at approximately $7.5 million.
• Analysts remain broadly positive on Veeva, with a consensus “Moderate Buy” rating and an average price target of $293.21; 19 analysts rate the stock a Buy, compared with eight Holds and one Sell.
• Veeva reported quarterly EPS of $2.35, beating estimates, while revenue rose 17.6% year over year to $927.96 million. The stock opened at $307.30, near its 12-month high of $325.99, though insiders sold nearly $14.9 million of shares over the prior quarter.

BOCHK Asset Management Ltd raised its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1,320,000.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,402 shares of the technology company's stock after purchasing an additional 26,400 shares during the quarter. Veeva Systems accounts for about 1.1% of BOCHK Asset Management Ltd's holdings, making the stock its 26th biggest position. BOCHK Asset Management Ltd's holdings in Veeva Systems were worth $7,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock worth $727,513,000 after buying an additional 271,252 shares in the last quarter. Swedbank AB lifted its holdings in shares of Veeva Systems by 43.5% in the 1st quarter. Swedbank AB now owns 1,645,128 shares of the technology company's stock valued at $288,983,000 after buying an additional 498,971 shares during the period. Amundi boosted its stake in shares of Veeva Systems by 8.0% in the first quarter. Amundi now owns 992,977 shares of the technology company's stock valued at $174,426,000 after buying an additional 73,510 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company's stock valued at $160,427,000 after buying an additional 611,868 shares in the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Veeva Systems by 2.7% in the first quarter. Royal Bank of Canada now owns 870,281 shares of the technology company's stock valued at $152,873,000 after buying an additional 23,117 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of recent analyst reports. Robert W. Baird raised their target price on Veeva Systems from $300.00 to $350.00 and gave the company an "outperform" rating in a report on Monday, October 26th. Guggenheim upped their price target on shares of Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Mizuho set a $345.00 price target on shares of Veeva Systems in a report on Thursday. Finally, Canaccord Genuity Group raised their price objective on shares of Veeva Systems from $220.00 to $260.00 and gave the company a "hold" rating in a research note on Thursday, August 27th. Nineteen equities research 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, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average target price of $293.21.

Veeva Systems Price Performance

VEEV stock opened at $307.30 on Tuesday. The company's 50 day simple moving average is $285.16 and its 200-day simple moving average is $210.19. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $325.99. The firm has a market capitalization of $49.75 billion, a PE ratio of 51.34, a P/E/G ratio of 1.36 and a beta of 0.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The company's quarterly revenue was up 17.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 EPS. 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. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current year.

Insider Activity

In related news, insider Thomas Schwenger sold 10,000 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $281.33, for a total value of $2,813,300.00. Following the completion of the transaction, the insider directly owned 19,449 shares in the company, valued at approximately $5,471,587.17. This represents a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the firm's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the completion of the sale, the executive vice president directly owned 7,665 shares in the company, valued at $2,119,449.15. This represents a 38.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 56,789 shares of company stock valued at $14,913,889 over the last quarter. 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.

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