Lannebo Fonder AB Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Lannebo Fonder AB lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 37.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 141,187 shares of the technology company’s stock after acquiring an additional 38,187 shares during the quarter. Veeva Systems makes up approximately 4.0% of Lannebo Fonder AB’s holdings, making the stock its 12th biggest holding. Lannebo Fonder AB owned about 0.09% of Veeva Systems worth $28,152,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Pinnacle Bancorp Inc. purchased a new position in Veeva Systems during the first quarter valued at approximately $26,000. Ahrens Investment Partners LLC acquired a new stake in Veeva Systems in the first quarter valued at approximately $27,000. Barrett & Company Inc. acquired a new stake in Veeva Systems in the first quarter valued at approximately $28,000. Resurgent Financial Advisors LLC acquired a new stake in Veeva Systems in the fourth quarter valued at approximately $33,000. Finally, Manchester Capital Management LLC acquired a new stake in Veeva Systems in the first quarter valued at approximately $40,000. 80.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In related news, Director Paul J. Sekhri sold 2,500 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $224.85, for a total value of $562,125.00. Following the completion of the sale, the director now directly owns 14,484 shares of the company’s stock, valued at $3,256,727.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Veeva Systems news, Director Paul J. Sekhri sold 2,500 shares of Veeva Systems stock in a transaction on Monday, September 11th. The shares were sold at an average price of $224.85, for a total value of $562,125.00. Following the transaction, the director now directly owns 14,484 shares in the company, valued at $3,256,727.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Thomas D. Schwenger sold 1,238 shares of Veeva Systems stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $220.00, for a total transaction of $272,360.00. Following the completion of the transaction, the chief operating officer now owns 21,329 shares in the company, valued at $4,692,380. The disclosure for this sale can be found here. Insiders sold a total of 3,830 shares of company stock valued at $853,547 over the last ninety days. Insiders own 10.98% of the company’s stock.

Veeva Systems Stock Up 0.4 %

VEEV stock traded up $0.91 during midday trading on Tuesday, hitting $209.10. The company’s stock had a trading volume of 397,879 shares, compared to its average volume of 979,771. Veeva Systems Inc. has a 52-week low of $151.02 and a 52-week high of $225.49. The firm has a market capitalization of $33.59 billion, a P/E ratio of 62.71, a PEG ratio of 3.84 and a beta of 0.92. The firm has a 50-day simple moving average of $201.61 and a 200-day simple moving average of $188.43.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 30th. The technology company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.13 by $0.08. Veeva Systems had a net margin of 24.20% and a return on equity of 10.89%. The company had revenue of $590.23 million during the quarter, compared to analysts’ expectations of $582.28 million. During the same quarter last year, the company posted $0.56 EPS. The firm’s revenue was up 10.5% compared to the same quarter last year. On average, sell-side analysts expect that Veeva Systems Inc. will post 2.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VEEV shares. Guggenheim raised Veeva Systems from a “neutral” rating to a “buy” rating and set a $226.00 price target on the stock in a research report on Thursday, June 1st. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a research report on Thursday, August 31st. Truist Financial increased their price target on Veeva Systems from $204.00 to $227.00 and gave the stock a “hold” rating in a research report on Thursday, September 7th. Stifel Nicolaus increased their price target on Veeva Systems from $205.00 to $211.00 and gave the stock a “buy” rating in a research report on Thursday, August 31st. Finally, Canaccord Genuity Group increased their price target on Veeva Systems from $170.00 to $210.00 and gave the stock a “hold” rating in a research report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $216.74.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data 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.