Fifth Third Bancorp Acquires 429 Shares of Veeva Systems Inc. (NYSE:VEEV)

Fifth Third Bancorp grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 5.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,970 shares of the technology company’s stock after acquiring an additional 429 shares during the quarter. Fifth Third Bancorp’s holdings in Veeva Systems were worth $2,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Leigh Baldwin & CO. LLC acquired a new position in Veeva Systems during the fourth quarter worth about $685,355,000. Norges Bank bought a new stake in shares of Veeva Systems in the 4th quarter valued at $294,785,000. Wealthfront Advisers LLC increased its stake in shares of Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after acquiring an additional 1,045,188 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after acquiring an additional 784,741 shares in the last quarter. Finally, Stockbridge Partners LLC bought a new stake in shares of Veeva Systems in the 4th quarter valued at $137,260,000. Institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on VEEV shares. Piper Sandler lifted their price objective on shares of Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. Truist Financial lifted their price objective on shares of Veeva Systems from $217.00 to $230.00 and gave the company a “hold” rating in a research note on Thursday, May 29th. Citigroup lifted their price target on shares of Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, May 29th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $269.80.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,192,565. This represents a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,184 shares of company stock valued at $1,376,179 over the last quarter. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Trading Down 0.1%

Shares of NYSE VEEV opened at $281.82 on Friday. Veeva Systems Inc. has a 12 month low of $176.41 and a 12 month high of $291.69. The firm has a market capitalization of $45.85 billion, a price-to-earnings ratio of 69.59, a PEG ratio of 1.89 and a beta of 0.99. The business has a 50-day moving average of $242.24 and a 200-day moving average of $232.35.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. Veeva Systems’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.50 earnings per share. On average, analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems Company 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.