abrdn plc Grows Stock Position in Veeva Systems Inc. (NYSE:VEEV)

abrdn plc boosted its stake in Veeva Systems Inc. (NYSE:VEEV) by 99.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,877 shares of the technology company’s stock after acquiring an additional 24,870 shares during the quarter. abrdn plc’s holdings in Veeva Systems were worth $9,602,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Wellington Management Group LLP boosted its stake in shares of Veeva Systems by 9.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after buying an additional 289,133 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Veeva Systems by 34.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after buying an additional 522,257 shares during the last quarter. FMR LLC boosted its stake in shares of Veeva Systems by 15.4% during the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock valued at $372,951,000 after buying an additional 244,599 shares during the last quarter. Blair William & Co. IL lifted its stake in Veeva Systems by 0.9% during the third quarter. Blair William & Co. IL now owns 1,466,121 shares of the technology company’s stock worth $298,282,000 after purchasing an additional 12,709 shares during the last quarter. Finally, Van ECK Associates Corp boosted its holdings in Veeva Systems by 4.1% in the third quarter. Van ECK Associates Corp now owns 1,447,403 shares of the technology company’s stock worth $294,474,000 after purchasing an additional 57,520 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 0.9 %

Shares of Veeva Systems stock opened at $200.91 on Friday. The company’s 50-day moving average price is $219.27 and its two-hundred day moving average price is $202.63. Veeva Systems Inc. has a 52 week low of $160.21 and a 52 week high of $236.90. The stock has a market cap of $32.41 billion, a PE ratio of 62.39, a price-to-earnings-growth ratio of 2.01 and a beta of 0.74.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.81 by $0.11. The firm had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. On average, equities analysts predict that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the transaction, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of Veeva Systems stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $207.42, for a total value of $746,297.16. Following the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,989 shares of company stock valued at $4,818,013. 10.98% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. KeyCorp lifted their price objective on shares of Veeva Systems from $232.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a report on Thursday, February 22nd. Piper Sandler lifted their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. The Goldman Sachs Group raised their target price on Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Stifel Nicolaus raised their target price on Veeva Systems from $205.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, March 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $234.90.

Veeva Systems Profile

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.