Veeva Systems Inc. (NYSE:VEEV) Sees Large Increase in Short Interest

Key Points

• Veeva Systems Inc. saw a dramatic increase in short interest, rising by 3,414.1% in July to a total of 4,600,000 shares.
• The company's latest earnings report revealed an EPS of $1.97, exceeding expectations of $1.74, with revenue of $759.04 million, up 16.7% year over year.
• Analysts have given the stock a consensus rating of "Moderate Buy" with target price increases, reflecting positive sentiment despite recent insider selling.

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 4,600,000 shares, anincreaseof3,414.1% from the June 30th total of 130,900 shares. Based on an average daily trading volume, of 1,430,000 shares, the short-interest ratio is currently 3.2 days. Based on an average daily trading volume, of 1,430,000 shares, the short-interest ratio is currently 3.2 days.

Veeva Systems Price Performance

VEEV stock traded down $3.15 during midday trading on Friday, reaching $281.05. 996,715 shares of the stock were exchanged, compared to its average volume of 1,330,554. The stock has a market capitalization of $45.93 billion, a PE ratio of 59.54, a P/E/G ratio of 2.27 and a beta of 0.98. Veeva Systems has a 52 week low of $177.41 and a 52 week high of $296.72. The company has a fifty day moving average price of $279.05 and a 200 day moving average price of $246.25.

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 for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. Veeva Systems's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.50 EPS. As a group, analysts anticipate that Veeva Systems will post 4.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 in the last three months. Company insiders own 10.30% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems in the fourth quarter worth approximately $685,355,000. Nuveen LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $365,684,000. Price T Rowe Associates Inc. MD increased its position in shares of Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after acquiring an additional 689,700 shares during the last quarter. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $137,260,000. Finally, Linonia Partnership LP increased its position in shares of Veeva Systems by 52.7% during the first quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock valued at $425,402,000 after acquiring an additional 633,585 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of recent research reports. Mizuho boosted their target price on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Truist Financial boosted their target price on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Raymond James Financial boosted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Stifel Nicolaus upped their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Wells Fargo & Company upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.

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