abrdn plc Increases Stake in Veeva Systems Inc.

On November 3rd, 2024, it was reported that abrdn plc has significantly increased its holdings in Veeva Systems Inc. (NYSE: VEEV). According to the latest 13F filing with the Securities and Exchange Commission, the institutional investor raised its position by an impressive 86.1% during the third quarter. After acquiring an additional 13,910 shares, abrdn plc now owns a total of 30,060 shares, with these holdings valued at approximately $6,309,000 at the close of the most recent quarter.

Other hedge funds have also made moves regarding their stakes in Veeva Systems recently. For instance, Advisors Asset Management Inc. entered a new position in the first quarter, worth about $28,000. Likewise, Mowery & Schoenfeld Wealth Management LLC acquired a stake valued at approximately $26,000 during the third quarter. In a notable increase, Larson Financial Group LLC raised its position in Veeva Systems by a staggering 1,153.8% in the first quarter, owning 163 shares now valued at $38,000 after buying an additional 150 shares. Similarly, Blue Trust Inc. increased their holdings by 3,460.0% during the second quarter, owning 178 shares now worth $33,000.

Recent Trading Activity of Veeva Systems

The current trading environment for Veeva Systems indicates a slight upward trend, with shares opening at $212.78. The stock has shown variability over the last twelve months, with a low of $162.72 and a high of $236.90. The average price over the last 50 days stands at $212.62, while the 200-day moving average is recorded at $199.03. Market capitalization for Veeva Systems is approximately $34.46 billion, with a price-to-earnings ratio of 56.74 and a beta of 0.81.

Financial Performance

Veeva Systems last reported quarterly earnings on August 28th, where the company exceeded analysts’ expectations. The earnings per share for that quarter reached $1.07, surpassing the projected $1.04 by $0.03. The company's revenue stood at $676.18 million, slightly above analysts’ expectations of $667.21 million. Market analysts project that Veeva Systems Inc. will achieve earnings per share of 4.21 for the current year.

Analyst Ratings and Insights

Equity research analysts have provided varied assessments of Veeva Systems. Raymond James raised their price target from $230.00 to $235.00 alongside an “outperform” rating. Similarly, TD Cowen set its price target to $192.00 from $180.00 while maintaining a “hold” stance. BNP Paribas recently commenced coverage, giving it an “outperform” rating and setting a price target of $286.00. UBS Group also increased its target from $185.00 to $215.00. Meanwhile, Citigroup raised its target from $256.00 to $273.00, maintaining a “buy” rating. Currently, the stock has a consensus rating of “Moderate Buy” with an average target price of $232.87 according to MarketBeat data.

Insider Trading Activity

In the realm of insider trading, there have been movements worth noting. Senior Vice President Jonathan Faddis sold 2,353 shares at an average price of $200.00 on August 21st, resulting in total proceeds of $470,600. After this transaction, he now has direct ownership of 9,035 shares worth approximately $1,807,000. This transaction was filed with the Securities & Exchange Commission, showing a stable position as it does not represent a decrease in his holdings. Insider ownership stands at about 10.50% of the total stock.

Company Overview

Veeva Systems Inc. specializes in cloud-based software tailored for the life sciences sector. Its offerings include various solutions such as Veeva Commercial Cloud, Veeva Vault PromoMats for managing content and digital assets, Veeva Vault Medical for medical content across channels, and Veeva Crossix for analytics in pharmaceutical branding. Their suite also features Veeva Link, a data application for real-time insights, and Veeva Compass, containing de-identified patient data for the U.S.

Veeva, Stocks, Investment