Assenagon Asset Management S.A. has significantly increased its shareholding in Veeva Systems Inc. (NYSE: VEEV), raising its position by an impressive 173.8% during the third quarter of 2023. This move was disclosed in the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC). Following the acquisition of an additional 37,789 shares this quarter, Assenagon now owns a total of 59,538 shares, valued at approximately $17.7 million.
In addition to Assenagon, other institutional investors have also adjusted their positions in Veeva Systems. For instance, Cullen Investment Group LTD. increased its stake by 2.2%, bringing its ownership to 7,969 shares worth around $2.36 million. Similarly, Union Bancaire Privee UBP SA raised its holdings by 9.4%, now owning 15,493 shares valued at approximately $4.62 million. HF Advisory Group LLC grew its position by 49.9%, owning 2,567 shares worth about $765,000 after acquiring an additional 854 shares.
As of the latest data, institutional investors collectively hold 88.20% of Veeva Systems’ stock.
Analyst Ratings and Price Targets
Veeva Systems has attracted attention from various analysts, with many setting new price targets following recent performance. Jefferies Financial Group reaffirmed a “buy” rating with a price objective of $330.00 in a report dated November 24, 2023. Robert W. Baird also raised its target from $314.00 to $319.00, maintaining an “outperform” rating. Meanwhile, Citigroup adjusted its price target down to $319.00 but continues to recommend the stock as a “buy”.
Currently, eighteen analysts have rated Veeva Systems with a “buy” recommendation, while six have given it a “hold” and two have rated it as a “sell.” According to MarketBeat, the consensus rating stands at “Moderate Buy” with a target price averaging $307.42.
Insider Transactions and Company Performance
In other developments, insider trading has seen notable activity. On October 2, 2023, Thomas D. Schwenger, an insider, sold 3,350 shares at an average price of $300.04, totaling around $1.01 million. This sale reduced Schwenger’s holdings to 23,773 shares, valued at approximately $7.13 million.
Additionally, Senior Vice President Jonathan Faddis sold 14,595 shares on the same day for around $4.38 million. Following this transaction, Faddis holds 8,588 shares valued at $2.58 million. Over the last quarter, insiders have sold a total of 24,665 shares worth approximately $7.44 million, with insiders currently owning 10.30% of the company’s total stock.
As of the latest trading session, shares of Veeva Systems opened at $222.11. The company has a market capitalization of $36.51 billion and a price-to-earnings ratio of 43.21. Veeva Systems recorded a 12-month low of $201.54 and a high of $310.50.
Veeva Systems recently reported its earnings for the quarter ending November 20, 2023, revealing an earnings per share (EPS) of $2.04, surpassing analysts’ expectations of $1.95. The company generated revenue of $0.81 million, exceeding the forecast of $792.37 million. This performance reflects a 16.0% increase in revenue compared to the same quarter last year.
About Veeva Systems, the company specializes in providing cloud-based software solutions tailored for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva assists pharmaceutical, biotechnology, medical device, and consumer health companies in managing regulated content and processes in a compliant manner. The company went public in 2013 and has since expanded its product offerings and international presence, focusing on its Vault platform and related applications.
