Algert Global LLC Increases Its Stake in Veeva Systems Inc.

Algert Global LLC has significantly increased its investment in Veeva Systems Inc. (NYSE:VEEV) during the third quarter of the year. According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor raised its stake by 64.0%. Following this increase, Algert Global LLC now owns 2,254 shares of Veeva’s stock, having purchased an additional 880 shares during this period. As of the latest filing, Algert Global LLC’s total holdings in Veeva Systems are valued at approximately $473,000.

Several other institutional investors have also adjusted their positions in Veeva. For instance, General American Investors Co. Inc. acquired a new investment in Veeva Systems worth $5,133,000 during the third quarter. Additionally, Procyon Advisors LLC invested about $712,000 in Veeva Systems during the same period. Envestnet Portfolio Solutions Inc. saw its holdings increase by 44.9% in the second quarter and now possesses 29,782 shares valued at $5,450,000 after buying 9,232 more shares. Principal Financial Group Inc. has raised its stake by 138.9%, owning now 2,179,284 shares valued at $457,366,000 after an increase of 1,267,061 shares in the last quarter. Lastly, Oppenheimer Asset Management Inc. upped its holdings by 3.6% in the third quarter, now controlling 78,000 shares worth $16,370,000. Collectively, hedge funds and institutional investors own about 88.20% of Veeva Systems’ stock.

Changes in Analyst Ratings

Recent analyst reviews suggest a positive outlook for Veeva Systems. Raymond James raised their price target for Veeva shares from $230.00 to $235.00, rating the stock as “outperform” in a report dated August 29. UBS Group increased its target price from $185.00 to $215.00, assigning a “neutral” rating on August 26. Piper Sandler set a higher price target of $280.00, noting an “overweight” rating as of November 8. Furthermore, Barclays adjusted their target for Veeva from $240.00 to $260.00, also assigning an “overweight” rating. Finally, Needham & Company LLC reiterated a “buy” rating with a target price set at $260.00. Overall, out of the analysts covering the stock, one has given it a sell rating, eight have set it to hold, and sixteen have issued buy ratings, leading to an average rating of “Moderate Buy” alongside a price target of approximately $236.92.

Stock Performance Overview

On the NYSE, Veeva Systems (Ticker: VEEV) opened at $227.85 recently. The stock has seen a 52-week low of $165.12 and a high of $240.68. Currently, its fifty-day moving average stands at $215.71, while the 200-day moving average is $201.99. The market capitalization of Veeva Systems is around $36.90 billion, with a P/E ratio reported at 60.76, P/E/G ratio at 2.20, and a beta of 0.81.

On August 28, Veeva Systems released its quarterly earnings report, indicating an earnings per share (EPS) of $1.07, which exceeded the expected EPS of $1.04 by $0.03. The revenue for the quarter was recorded at $676.18 million, surpassing analysts' expectations of $667.21 million. Veeva notched a return on equity of 13.30% and maintained a net margin of 23.91%. Looking ahead, analysts estimate that Veeva Systems will report an EPS of 4.19 for the current fiscal year.

Insider Trading Activities

In a recent insider trading update, Thomas D. Schwenger, an insider at Veeva Systems, sold 1,126 shares on November 8 at an average share price of $240.01, totaling $270,251.26. Post-sale, Schwenger holds 27,013 shares, worth approximately $6,483,390. Insiders currently own about 10.50% of the company’s stock.

About Veeva Systems

Veeva Systems Inc. specializes in cloud-based software tailored for the life sciences sector. The company offers the Veeva Commercial Cloud, which includes various software and analytics solutions such as Veeva CRM and Veeva Vault PromoMats that assist life sciences firms in customer relationship management and digital content management. Other offerings include Veeva Vault Medical, Veeva Crossix, Veeva OpenData, and Veeva Compass, which provide essential data and analytics support across the industry.

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