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

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

Veeva Systems Stock Performance

VEEV stock traded down $1.99 during mid-day trading on Thursday, hitting $271.01. 1,717,842 shares of the company were exchanged, compared to its average volume of 1,290,035. Veeva Systems has a 1-year low of $201.54 and a 1-year high of $310.50. The firm’s 50 day simple moving average is $288.57 and its 200 day simple moving average is $278.53. The firm has a market cap of $44.42 billion, a P/E ratio of 55.65, a P/E/G ratio of 2.22 and a beta of 0.98.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. TD Cowen raised shares of Veeva Systems from a “hold” rating to a “buy” rating and raised their target price for the company from $297.00 to $380.00 in a research note on Tuesday, October 7th. Wall Street Zen cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Piper Sandler upped their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, August 28th. BMO Capital Markets started coverage on Veeva Systems in a research report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 price target on the stock. Finally, Canaccord Genuity Group increased their target price on Veeva Systems from $270.00 to $300.00 and gave the company a “hold” rating in a research note on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $307.28.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $298.12, for a total value of $214,646.40. Following the sale, the senior vice president owned 7,868 shares of the company’s stock, valued at $2,345,608.16. This trade represents a 8.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas D. Schwenger sold 3,350 shares of the business’s stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total value of $1,005,134.00. Following the completion of the sale, the insider owned 23,773 shares in the company, valued at approximately $7,132,850.92. This trade represents a 12.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 24,665 shares of company stock valued at $7,438,000 over the last quarter. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Hedge funds and other institutional investors have recently bought and sold shares of the company. Measured Wealth Private Client Group LLC acquired a new stake in Veeva Systems in the 3rd quarter valued at $45,000. Rakuten Securities Inc. grew its holdings in shares of Veeva Systems by 56.7% in the 2nd quarter. Rakuten Securities Inc. now owns 163 shares of the technology company’s stock valued at $47,000 after acquiring an additional 59 shares in the last quarter. Palisade Asset Management LLC acquired a new stake in shares of Veeva Systems in the third quarter valued at about $66,000. Morse Asset Management Inc increased its position in shares of Veeva Systems by 1,683.3% in the third quarter. Morse Asset Management Inc now owns 535 shares of the technology company’s stock valued at $159,000 after acquiring an additional 505 shares during the last quarter. Finally, Johnson Financial Group Inc. raised its holdings in Veeva Systems by 131.6% during the third quarter. Johnson Financial Group Inc. now owns 535 shares of the technology company’s stock worth $159,000 after acquiring an additional 304 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

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.