Renaissance Investment Group LLC Makes New Investment in Veeva Systems Inc. $VEEV

Renaissance Investment Group LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, HoldingsChannel.com reports. The firm purchased 10,656 shares of the technology company’s stock, valued at approximately $3,042,000.

A number of other large investors have also recently bought and sold shares of the business. Czech National Bank acquired a new stake in Veeva Systems during the second quarter worth approximately $7,584,000. Vulcan Value Partners LLC acquired a new position in Veeva Systems in the second quarter valued at approximately $3,769,000. East Coast Asset Management LLC. acquired a new position in Veeva Systems in the first quarter valued at approximately $1,665,000. Westwind Capital acquired a new position in Veeva Systems in the third quarter valued at approximately $1,684,000. Finally, First Citizens Bank & Trust Co. bought a new position in shares of Veeva Systems during the 3rd quarter worth approximately $1,179,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $313.04 on Friday. The stock has a market capitalization of $50.68 billion, a P/E ratio of 51.49, a P/E/G ratio of 1.32 and a beta of 0.93. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $325.99. The company has a 50-day moving average price of $283.97 and a 200-day moving average price of $209.79.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million during the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The business’s revenue was up 17.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 EPS. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the transaction, the director directly owned 3,242 shares in the company, valued at approximately $846,291.68. The trade was a 18.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas D. Schwenger sold 36,000 shares of Veeva Systems stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $250.23, for a total value of $9,008,280.00. Following the transaction, the insider directly owned 19,449 shares of the company’s stock, valued at $4,866,723.27. The trade was a 64.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,789 shares of company stock worth $14,913,889 over the last quarter. 10.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, October 15th. UBS Group lifted their price objective on shares of Veeva Systems from $190.00 to $290.00 and gave the company a “neutral” rating in a research note on Thursday, August 27th. Canaccord Genuity Group boosted their target price on shares of Veeva Systems from $220.00 to $260.00 and gave the company a “hold” rating in a research report on Thursday, August 27th. Stifel Nicolaus set a $300.00 target price on shares of Veeva Systems in a research report on Thursday, August 27th. Finally, Truist Financial increased their target price on shares of Veeva Systems from $262.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $293.21.

Veeva Systems Company Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.

The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.