QRG Capital Management Inc. Increases Position in Veeva Systems Inc. $VEEV

QRG Capital Management Inc. increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 41.8% in the first quarter, Holdings Channel.com reports. The fund owned 14,996 shares of the technology company’s stock after purchasing an additional 4,423 shares during the period. QRG Capital Management Inc.’s holdings in Veeva Systems were worth $2,634,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Moran Wealth Management LLC raised its position in shares of Veeva Systems by 7.3% during the 1st quarter. Moran Wealth Management LLC now owns 24,557 shares of the technology company’s stock valued at $4,314,000 after buying an additional 1,680 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of Veeva Systems during the first quarter worth $301,000. Leelyn Smith LLC boosted its stake in shares of Veeva Systems by 8.8% during the first quarter. Leelyn Smith LLC now owns 10,453 shares of the technology company’s stock valued at $1,836,000 after purchasing an additional 848 shares during the period. Argos Wealth Advisors LLC grew its holdings in shares of Veeva Systems by 3.9% in the first quarter. Argos Wealth Advisors LLC now owns 1,720 shares of the technology company’s stock worth $302,000 after purchasing an additional 65 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in Veeva Systems by 27.5% in the 1st quarter. New York State Teachers Retirement System now owns 8,471 shares of the technology company’s stock worth $1,488,000 after acquiring an additional 1,826 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the sale, the director directly owned 3,253 shares of the company’s stock, valued at $506,296.92. This trade represents a 18.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on VEEV. Oppenheimer reissued an “outperform” rating and set a $225.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Robert W. Baird raised their price target on Veeva Systems from $250.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. TD Cowen reissued a “buy” rating on shares of Veeva Systems in a research report on Thursday, June 4th. Weiss Ratings cut shares of Veeva Systems from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, June 25th. Finally, UBS Group dropped their target price on Veeva Systems from $220.00 to $190.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $250.96.

Veeva Systems Stock Up 1.4%

VEEV traded up $2.68 during trading on Tuesday, reaching $194.69. The company’s stock had a trading volume of 545,763 shares, compared to its average volume of 2,682,220. The company has a market cap of $31.63 billion, a price-to-earnings ratio of 34.64, a PEG ratio of 0.83 and a beta of 0.94. The firm has a fifty day simple moving average of $165.52 and a two-hundred day simple moving average of $184.58. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.10. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The business had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. During the same period in the prior year, the business earned $1.97 earnings per share. The business’s revenue was up 16.3% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, equities analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current fiscal year.

Veeva Systems Company Profile

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.