Veeva Systems (NYSE:VEEV) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Veeva Systems (NYSE:VEEV) issued its earnings results on Thursday. The technology company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.09, FiscalAI reports. Veeva Systems had a net margin of 27.29% and a return on equity of 13.72%. The business had revenue of $811.24 million for the quarter, compared to the consensus estimate of $792.37 million.

Veeva Systems Trading Down 0.7%

Shares of NYSE:VEEV traded down $1.99 on Thursday, reaching $271.01. 1,717,842 shares of the company’s stock were exchanged, compared to its average volume of 1,290,035. Veeva Systems has a twelve month low of $201.54 and a twelve month high of $310.50. The company has a fifty day moving average of $288.57 and a 200-day moving average of $278.53. The company has a market capitalization of $44.42 billion, a price-to-earnings ratio of 55.65, a PEG ratio of 2.22 and a beta of 0.98.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. BTIG Research reiterated a “buy” rating and issued a $340.00 target price on shares of Veeva Systems in a research note on Friday, October 17th. UBS Group boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the stock a “neutral” rating in a research report on Thursday, August 28th. Truist Financial raised their price objective on Veeva Systems from $268.00 to $275.00 and gave the company a “hold” rating in a research report on Thursday, August 28th. Finally, Citigroup lifted their target price on Veeva Systems from $329.00 to $349.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $307.28.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 3,350 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the sale, the insider directly owned 23,773 shares of the company’s stock, valued at approximately $7,132,850.92. This represents a 12.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the firm’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $298.12, for a total value of $214,646.40. Following the completion of the transaction, the senior vice president owned 7,868 shares in the company, valued at $2,345,608.16. The trade was a 8.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 24,665 shares of company stock worth $7,438,000. Company insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Large investors have recently bought and sold shares of the company. Williams Jones Wealth Management LLC. raised its position in shares of Veeva Systems by 0.4% in the 3rd quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company’s stock valued at $2,806,000 after buying an additional 40 shares in the last quarter. Rafferty Asset Management LLC increased its stake in Veeva Systems by 0.7% in the second quarter. Rafferty Asset Management LLC now owns 6,881 shares of the technology company’s stock valued at $1,982,000 after acquiring an additional 51 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in Veeva Systems by 8.1% during the third quarter. Brown Brothers Harriman & Co. now owns 719 shares of the technology company’s stock valued at $214,000 after purchasing an additional 54 shares in the last quarter. Rakuten Securities Inc. lifted its stake in Veeva Systems by 56.7% during the second quarter. Rakuten Securities Inc. now owns 163 shares of the technology company’s stock worth $47,000 after purchasing an additional 59 shares during the last quarter. Finally, Parallel Advisors LLC boosted its holdings in shares of Veeva Systems by 4.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,297 shares of the technology company’s stock valued at $387,000 after purchasing an additional 61 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

About Veeva Systems

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.