Acadian Asset Management LLC, a leading institutional investor, recently increased its stake in Veeva Systems Inc. (NYSE:VEEV) by 27.5% during the 1st quarter of this year. According to their filing with the Securities and Exchange Commission, Acadian now owns 685,465 shares of Veeva Systems’ stock, having purchased an additional 147,771 shares in this quarter alone. This represents about 0.43% of Veeva Systems’ total worth at the end of the quarter, valued at approximately $125,958,000.
Veeva Systems revealed its earnings results on May 31st. The technology company exceeded expectations with an earnings per share (EPS) of $0.47 for the quarter, surpassing the predicted consensus estimate by $0.09. Revenue for the same period amounted to $526.33 million compared to analyst estimates of $515.47 million. Additionally, Veeva Systems achieved a net margin of 23.85% and a return on equity of 10.88%. Based on estimates from sell-side analysts, it is anticipated that Veeva Systems Inc. will post an EPS of around 2.7 for the current fiscal year.
Various analysts have commented on Veeva Systems’ stock performance recently. Piper Sandler raised their price target from $215.00 to $232.00 and gave the company an “overweight” rating in a research report released on July 31st.
Similarly, KeyCorp also increased their price target from $185.00 to $210.00 in a research report issued on June 2nd.
Robert W Baird reaffirmed its “outperform” rating and set a price target of $235 for Veeva Systems’ shares as stated in their research report released on June 30th.
In addition to these reports,
Raymond James increased its price target on June 1st from $200.00 to $210.00.
On the other hand, Citigroup downgraded its price target from $218.00 to $200 in their research report released on May 31st.
Among the analysts that have provided recommendations, there is a consensus “Moderate Buy” rating for Veeva Systems with an average price target of approximately $206.86 according to Bloomberg.com.
In conclusion, Acadian Asset Management LLC has furthered its investment in Veeva Systems Inc., reflecting confidence in the company’s performance and growth potential. With positive earnings results and a string of notable ratings and price targets from analysts, it appears that Veeva Systems is poised for continued success in the technology industry.
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Institutional Investors Make Moves and Insiders Sell Shares at Veeva Systems as Stock Continues to See Price Fluctuations
On August 26, 2023, it was reported that several institutional investors have made changes to their stakes in Veeva Systems, a prominent technology company. Pinnacle Bancorp Inc., Ahrens Investment Partners LLC, Barrett & Company Inc., HM Payson & Co., and Glass Jacobson Investment Advisors llc all acquired new stakes in the company during the first quarter of the year.
Pinnacle Bancorp Inc. purchased a stake worth $26,000, while Ahrens Investment Partners LLC and Barrett & Company Inc. both invested $27,000 and $28,000 respectively. HM Payson & Co. significantly grew its position in Veeva Systems by 400% during the fourth quarter of the previous year. They now own 190 shares of the company’s stock valued at $31,000 after purchasing an additional 152 shares. Finally, Glass Jacobson Investment Advisors llc acquired a stake worth approximately $33,000 in Veeva Systems during the fourth quarter.
Overall, it is estimated that currently 89.65% of Veeva Systems’ stock is owned by institutional investors.
In other news related to Veeva Systems, recent sales transactions were disclosed involving chief accounting officer Michele O’Connor and director Paul Edward Chamberlain. On June 2nd, O’Connor sold 3,137 shares of Veeva Systems stock at an average price of $197.95 per share, resulting in a total transaction value of $620,969.15. After this sale, O’Connor now holds 8,433 shares with a value of $1,669,312.35.
Similarly on June 12th, Chamberlain sold 160 shares at an average price of $189.22 per share for a total transaction value of $30,275.20. Following this sale completion, Chamberlain now owns 16,942 shares with an approximate value of $3,205,765.24.
It is important to note that in the past 90 days alone, insiders have sold a total of 15,425 shares of Veeva Systems valued at $3,078,109. This accounts for approximately 10.98% of the company’s stock, highlighting significant insider activity.
Veeva Systems’ stock (NYSE: VEEV) traded at $189.13 on August 26th. For the day, a total of 688,785 shares were traded, compared to the average volume of 953,463 shares. The company’s fifty-day moving average price stood at $197.79 while its two-hundred-day moving average price was $183.79.
With a market capitalization of $30.30 billion and a P/E ratio of 58.58, Veeva Systems Inc. continues to make its mark in the technology industry. Additionally, the company has a P/E/G ratio of 3.43 and a beta of 0.96.
Looking back over the past year, Veeva Systems has reached highs and lows with its stock price fluctuating between $151.02 and $218.33 during this period.
Investors and analysts interested in Veeva Systems will find this information helpful in assessing the performance and potential trajectory of the company as it continues to navigate various market conditions in the technology sector.