On September 3, 2023, Aviva PLC, a multinational insurance company, revealed in its recent filing with the U.S. Securities and Exchange Commission (SEC) that it has increased its holdings of shares in Veeva Systems Inc. by 50.2% during the first quarter. As a result, Aviva now owns a total of 158,839 shares of the technology company’s stock, having purchased an additional 53,059 shares during the quarter. This equates to approximately 0.10% ownership of Veeva Systems and is valued at $29,193,000 based on Aviva’s latest filing with the SEC.
Veeva Systems Inc., traded on the New York Stock Exchange (NYSE:VEEV), experienced trading activity on September 3rd, with its stock reaching a high of $215.50 and closing up $6.80 for the day. The trading volume amounted to 219,243 shares compared to the average daily volume of 959,020 shares. Over the past year, Veeva Systems’ stock price has ranged from a low of $151.02 to a high of $215.82.
As per data collected over a fifty-day period leading up to September 3rd, Veeva Systems’ stock exhibited a simple moving average value of $197.17 and a two-hundred-day simple moving average value of $184.51. With these figures in mind, investors can gain insight into the company’s overall performance as observed during this period.
Veeva Systems Inc., founded in 2007 and headquartered in California, specializes in developing cloud-based software solutions for life sciences and biotechnology companies worldwide. With a strong emphasis on providing customer relationship management (CRM) software tailored specifically for pharmaceuticals and other related industries like clinical research organizations (CROs), Veeva Systems has emerged as a leader within its niche market.
The company’s impressive market capitalization stands at $34.53 billion, a testament to its notable growth and widespread adoption within the life sciences sector. Veeva Systems operates with a price-to-earnings (P/E) ratio of 65.22, indicating that investors are willing to pay a premium for each dollar of earnings generated by the company. Furthermore, the stock has a price/earnings-to-growth (P/E/G) ratio of 3.48, implying that investors anticipate future growth potential in Veeva Systems’ stock.
It is worth mentioning that Veeva Systems Inc. holds a beta value of 0.96, which signifies that the stock tends to move in line with the overall market benchmark. This factor should be considered by investors when assessing the risk associated with their investment decisions.
As Aviva PLC increases its stake in Veeva Systems Inc., it showcases confidence in the technology company’s long-term potential and prospects for further success. The partnership between these two firms contributes to the ongoing development and advancement of cloud-based software solutions within the life sciences industry, ultimately benefiting both companies and their shareholders alike.
On an optimistic note, investors may find value in following Aviva PLC’s activity and monitoring any subsequent developments regarding their holdings of Veeva Systems’ stock. By staying informed about changes in ownership and closely observing market trends, investors can make well-informed decisions regarding their own investment portfolios.
In conclusion, as of September 3, 2023, Aviva PLC has increased its position in Veeva Systems Inc., reaffirming its commitment to fostering growth within the technology sector. Such developments highlight the significance of collaboration between established entities within different industries, ultimately contributing to advancements in software solutions catered specifically for life sciences organizations globally.
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Institutional Investors and Analysts Remain Bullish on Veeva Systems as Company Exceeds Market Expectations
In recent months, several hedge funds have made significant changes to their positions in Veeva Systems (NYSE:VEEV), a technology company specializing in cloud-based software for the life sciences industry. Pinnacle Bancorp Inc., Ahrens Investment Partners LLC, Barrett & Company Inc., Resurgent Financial Advisors LLC, and Hollencrest Capital Management are among the institutional investors and hedge funds that have either purchased new positions or acquired stakes in Veeva Systems.
Pinnacle Bancorp Inc. entered the market with a new position in Veeva Systems during the first quarter, investing approximately $26,000. Similarly, Ahrens Investment Partners LLC bought a new stake worth about $27,000 during the same period. Barrett & Company Inc. also joined in the first quarter by acquiring a position valued at approximately $28,000. Additionally, Resurgent Financial Advisors LLC entered into an investment partnership with Veeva Systems during the fourth quarter of last year, acquiring a stake valued at $33,000. Lastly Hollencrest Capital Management rounded out the list by purchasing a stake worth $36,000.
Equally notable is director Paul Edward Chamberlain’s recent sale of 160 shares of Veeva Systems stock on June 12th. The average selling price was $189.22 per share, resulting in total proceeds of $30,275.20 from the transaction. Following this sale, Chamberlain still retains 16,942 shares of Veeva Systems stock amounting to a value of over three million dollars.
Veeva Systems recently released its quarterly earnings data on August 30th and exceeded market expectations. The company reported earnings per share (EPS) of $1.21 for the quarter compared to analysts’ consensus estimate of $1.13 EPS – an impressive beat by $0.08 per share representing an increase in profits for Veeva Systems and suggests solid performance throughout this period.
Moreover, the technology company disclosed a return on equity of 10.88%, showcasing stability and profitability within the business. The net margin amounted to 23.85%, indicating strong efficiency in managing costs. Veeva Systems generated $590.23 million in revenue for the quarter, surpassing analysts’ predictions of $582.28 million.
Notably, this quarter exhibited a 10.5% increase in revenue compared to the same period last year.
Various research analysts have expressed their opinions regarding Veeva Systems and its potential for future growth. For instance, Oppenheimer has reaffirmed an “outperform” rating and set a price target of $225.00 per share for Veeva Systems.
Additionally, StockNews.com recently initiated coverage on Veeva Systems with a “hold” rating.
Citigroup raised their price target from $210.00 to $236.00 and assigned a “buy” rating to the stock.
Guggenheim also upgraded Veeva Systems from a “neutral” to a “buy” rating while setting the price target at $226.00.
Lastly, Piper Sandler raised their price objective from $232.00 to $235.00 and gave Veeva Systems an “overweight” rating.
In summary, despite some recent sales by company insiders, shareholders hold optimistically high positions in Veeva Systems Inc., suggesting confidence in the company’s growth potential and performance in the technology sector.
