In a recent filing with the Securities and Exchange Commission (SEC), Peregrine Capital Management LLC announced that it has increased its position in Veeva Systems Inc. (NYSE:VEEV) by 16.8% during the second quarter. As a result, the institutional investor now owns 221,889 shares of the technology company’s stock, after acquiring an additional 31,854 shares during this period. This move by Peregrine Capital Management LLC places Veeva Systems as its 16th largest holding, accounting for 1.2% of its total holdings. At the end of the second quarter, these shares were estimated to be worth $43,874,000.
Veeva Systems recently released its earnings results for the second quarter on August 30th. The company reported earnings per share (EPS) of $1.21 for this period, surpassing analysts’ consensus estimate of $1.13 by $0.08. Additionally, Veeva Systems generated revenues amounting to $590.23 million during the quarter compared to the consensus estimate of $582.28 million. Furthermore, the company witnessed a net margin of 24.20% as well as a return on equity of 10.89%.
Compared to the same quarter last year, Veeva Systems experienced a notable increase in revenue of 10.5%. In the previous year’s equivalent quarter, the firm reported EPS of $0.56.
Market research analysts have been closely following VEEV and have provided their insights into recent developments within the company. Wells Fargo & Company raised their price target on Veeva Systems shares from $180 to $211 in a research note released on September 5th and assigned an “equal weight” rating to them. Similarly, Truist Financial also raised their price target from $204 to $227 while maintaining a “hold” rating on the stock in a research note published on September 7th. UBS Group increased their price target from $175 to $205 and assigned a “neutral” rating on August 31st. Bank of America raised their price target from $200 to $220 and also maintained a “neutral” rating on August 31st. Lastly, Canaccord Genuity Group increased their target price from $170 to $210 and issued a “hold” rating on August 31st.
Overall, Veeva Systems has received positive ratings from analysts, with one analyst giving the stock a sell rating, nine assigning a hold rating, and fifteen issuing a buy rating. According to Bloomberg.com, the consensus among analysts rates Veeva Systems as “Moderate Buy,” with an average price target of $216.74.
These recent developments indicate positive investor sentiment towards Veeva Systems Inc., as evidenced by Peregrine Capital Management LLC’s increased position in the company. Additionally, the company’s strong earnings results for the second quarter have contributed to its growing reputation among market research analysts who have offered favorable insights into its future prospects. As always, investors should conduct further research before making any investment decisions.
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Increasing Investor Interest and Insider Transactions Highlight Veeva Systems’ Promising Potential
In recent news, there have been notable changes in the holdings of several large investors in Veeva Systems, a prominent company in the industry. Pinnacle Bancorp Inc., Ahrens Investment Partners LLC, Barrett & Company Inc., Resurgent Financial Advisors LLC, and Glass Jacobson Investment Advisors LLC have all acquired new positions or stakes in Veeva Systems during various quarters. These moves highlight the growing interest and confidence that these investors have in the company.
Pinnacle Bancorp Inc. purchased a new position in Veeva Systems during the 1st quarter valued at $26,000. Similarly, Ahrens Investment Partners LLC added a stake worth $27,000 during the same period. Barrett & Company Inc. also joined in by acquiring a new stake worth $28,000 in the 1st quarter. Resurgent Financial Advisors LLC invested $33,000 by purchasing a new stake in Veeva Systems during the 4th quarter of last year. Finally, Glass Jacobson Investment Advisors llc bought a new stake worth $41,000 in Veeva Systems during the 2nd quarter of this year.
These investments by hedge funds and other institutional investors indicate their belief and trust in Veeva Systems’ potential for growth and success. With such large institutions owning approximately 80.07% of the company’s stock, it becomes apparent that market pundits have recognized something promising about Veeva Systems.
On another note regarding Veeva Systems’ development within its corporate structure, EVP Alan Mateo recently sold 13,801 shares of the company’s stock on Thursday, October 5th. The shares were sold at an average price of $197.67 amounting to a total value of $2,728,043.67. As a result of this transaction, Mateo now directly owns 20,718 shares in Veeva Systems with an approximate value of $4,095,327.06. This sale was disclosed and made publicly available through a legal filing with the Securities & Exchange Commission.
Additionally, Paul J. Sekhri, a director within Veeva Systems, sold 2,500 shares of the company’s stock on Monday, September 11th at an average price of $224.85, resulting in a total transaction amount of $562,125.00. Following this completion of the transaction, Sekhri now possesses 14,484 shares in Veeva Systems valued at approximately $3,256,727.40. The details pertaining to this sale can be found within the company’s disclosure filed with the appropriate regulatory authorities.
It is worth noting that corporate insiders have collectively sold 27,631 shares of Veeva Systems’ stock within the last three months alone. These insider transactions amount to a total value of $5,625,241. As a result of these sales by insiders within the company itself, they now own around 10.98% of Veeva Systems’ stock.
In terms of market performance for Veeva Systems Inc., its stock (trading under NYSE:VEEV) experienced a rise of $8.20 during mid-day trading on Friday reaching a price point of $209.60 per share. Impressively, 956,535 shares were traded in comparison to the usual average volume of 886,227 shares for this particular stock.
Veeva Systems Inc currently boasts a noteworthy market capitalization of $33.67 billion and exhibits a price-to-earnings ratio of 63.13 alongside a PEG ratio (price/earnings to growth) indicating potential overvaluation issues with regards to future earnings momentum at present levels standing at 3.14 which is arguably quite high based on historical averages and industry standards.The beta factor measuring the volatility placates investor concerns slightly as it sits at 0.91 suggesting that the company’s price movement only marginally correlates to fluctuations in the broader market.
Over the past year, Veeva Systems Inc saw a low of $151.02 per share and a high of $225.49 per share, indicating a rather sizable range of price volatility for potential investors to digest.The stock currently lingers near its 52-week peak which could possibly mean there may be limited further upside at these levels if historical patterns continue.
To provide additional insights into its recent performance, it is noteworthy that Veeva Systems’ 50-day moving average stands at $201.89 while its two-hundred day moving average amounts to $191.55. These figures highlight the gradual increase in stock value over time and may suggest relative stability within the market for those interested in considering investment opportunities in Veeva Systems Inc.
In conclusion, Veeva Systems has made significant progress recently, with increased interest from large investors who have modified their holdings to include positions or stakes in the company. The actions taken by these investors demonstrate their confidence in Veeva Systems’ potential for growth and success.
Furthermore, insider transactions involving the sale of Veeva Systems’ shares have also been revealed through legal filings, providing additional insight into the company’s internal