Assenagon Asset Management S.A. Grows Holdings in Veeva Systems Inc. $VEEV

Assenagon Asset Management S.A. boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 89.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 112,880 shares of the technology company’s stock after acquiring an additional 53,342 shares during the period. Assenagon Asset Management S.A. owned 0.07% of Veeva Systems worth $25,198,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of VEEV. GPS Wealth Strategies Group LLC raised its position in shares of Veeva Systems by 196.4% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares during the period. Board of the Pension Protection Fund purchased a new stake in Veeva Systems in the 4th quarter worth $27,000. Raiffeisen Bank International AG purchased a new stake in Veeva Systems in the 3rd quarter worth $28,000. OLD Second National Bank of Aurora bought a new stake in Veeva Systems during the third quarter valued at about $30,000. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Veeva Systems by 58.3% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock valued at $38,000 after acquiring an additional 49 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on VEEV. Morgan Stanley increased their target price on Veeva Systems from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Canaccord Genuity Group dropped their price target on Veeva Systems from $280.00 to $235.00 and set a “hold” rating for the company in a research note on Thursday, March 5th. Barclays cut their price objective on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Citigroup reduced their price objective on shares of Veeva Systems from $319.00 to $291.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Finally, Wall Street Zen downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Sunday. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $283.70.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This trade represents a 4.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 10.30% of the stock is owned by insiders.

Veeva Systems Trading Down 0.6%

Shares of Veeva Systems stock opened at $178.09 on Thursday. The firm has a market cap of $29.27 billion, a PE ratio of 32.92, a PEG ratio of 1.18 and a beta of 1.09. The stock has a 50 day moving average of $192.00 and a 200 day moving average of $238.65. Veeva Systems Inc. has a 12 month low of $168.13 and a 12 month high of $310.50.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The business had revenue of $835.95 million for the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The company’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.74 EPS. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its board has approved a stock buyback program on Monday, January 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology company to buy up to 5.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.