Raymond James Trust N.A. Invests in Veeva Systems Inc.

Raymond James Trust N.A. has made a significant move by purchasing a new stake in Veeva Systems Inc. (NYSE:VEEV). According to reports, the institutional investor acquired 1,099 shares of the technology company in the third quarter, with the total value of this investment being approximately $231,000.

In addition to Raymond James Trust's investment, several other hedge funds and institutional investors have also been actively buying and selling shares of Veeva Systems. For instance, Patriot Financial Group Insurance Agency LLC increased its stake in Veeva by 0.7% during the third quarter, bringing its total ownership to 6,924 shares, valued at about $1,453,000 after acquiring an additional 48 shares.

Tokio Marine Asset Management Co. Ltd. also upped their position by 1.2% during the same period and now owns 4,307 shares worth around $904,000 after adding 50 shares to their holdings. Clearbridge Investments LLC has slightly increased its holdings by 0.4%, owning a total of 11,682 shares valued at $2,138,000 after acquiring an additional 52 shares in the second quarter.

Similarly, Park Place Capital Corp boosted its shares in Veeva by 11.5%. It now holds 574 shares valued at $120,000 following the purchase of 59 additional shares in the last quarter. Furthermore, Quintet Private Bank Europe S.A. grew its holdings by 13.4%, owning 516 shares worth $108,000 after acquiring 61 additional shares in the last quarter.

Recent Analyst Ratings

Several research firms have recently provided insights and updated their ratings for Veeva Systems. Bank of America raised its price target from $204.00 to $240.00, recommending a “neutral” rating in its report on August 29th. Citigroup also increased its price target significantly from $256.00 to $273.00, rating the stock as a “buy” in a report released on August 27th.

Guggenheim adjusted its price objective from $233.00 to $249.00 and similarly rated the company as a “buy” in early October. UBS Group raised its target price from $185.00 to $215.00, giving the stock a “neutral” rating based on a report from August 26th. Notably, StockNews.com elevated Veeva’s rating from “hold” to “buy” as of November 9th.

Currently, the consensus rating for Veeva Systems is classified as “Moderate Buy,” with one analyst giving a sell rating, eight assigning a hold rating, and sixteen issuing a buy rating according to data from MarketBeat. The average price target across analysts stands at $236.92.

Veeva Systems Stock Performance

On the stock market, Veeva Systems opened at $226.76, facing a slight decline of 0.1%. Over the past twelve months, the stock hit a low of $165.12 and a high of $240.68. It has a market capitalization of $36.72 billion, and its earnings reflect a P/E ratio of 60.47 and a P/E/G ratio of 2.19 with a beta of 0.81.

The company presented its latest earnings results on August 28th, reporting earnings per share (EPS) of $1.07 for the quarter, which surpasses the consensus estimate of $1.04 by $0.03. Veeva generated revenue of $676.18 million during the quarter, exceeding analyst expectations of $667.21 million. Additionally, Veeva Systems posted a return on equity of 13.30% and a net margin of 23.91%. Analysts estimate that the company will achieve EPS of 4.21 for the current year.

Insider Transactions

Recent insider trading activity has also been noteworthy. For instance, insider Thomas D. Schwenger sold 1,126 shares of Veeva’s stock on November 8th, at an average price of $240.01, totaling approximately $270,251. Following this transaction, Schwenger retains ownership of 27,013 shares, valued around $6,483,390. This transaction indicates a decrease of 4.00% in their ownership position, as disclosed in an SEC filing.

Company Overview

Veeva Systems Inc. specializes in providing cloud-based software solutions specifically tailored for the life sciences sector. Its product suite includes Veeva Commercial Cloud, which offers various software and analytics solutions focusing on customer relations for employees in pharmaceutical and biotechnology companies. Other offerings comprise Veeva Vault PromoMats for content management, Veeva Vault Medical for medical content across different channels, Veeva Crossix for analytics, Veeva OpenData for customer reference data, Veeva Link for real-time intelligence, and Veeva Compass, which includes de-identified patient data across the U.S.

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