Assenagon Asset Management S.A. has significantly increased its investment in Veeva Systems Inc. (NYSE: VEEV) by 173.8% during the third quarter of 2023. According to its recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), the institutional investor now owns 59,538 shares, having acquired an additional 37,789 shares in the period. At the close of the reporting period, these shares were valued at approximately $17.74 million.
This substantial increase in holdings is part of a broader trend among institutional investors, with several others also adjusting their positions in Veeva Systems. Cullen Investment Group LTD. raised its stake by 2.2%, bringing its total to 7,969 shares, worth $2.36 million after acquiring 172 additional shares. Similarly, Union Bancaire Privee UBP SA increased its stake by 9.4%, now holding 15,493 shares valued at $4.62 million, following the purchase of 1,326 shares.
In a notable move, HF Advisory Group LLC expanded its holdings by 49.9%, now owning 2,567 shares worth $765,000. Other investors, including New England Research & Management Inc., which acquired a new position valued at $670,000, and Aaron Wealth Advisors LLC, which boosted its holdings by 9.9%, now owning 955 shares valued at $285,000, have also contributed to the institutional ownership, which currently stands at 88.20% of Veeva’s stock.
Analysts Adjust Price Targets for Veeva Systems
Despite some fluctuations, Veeva Systems remains a focus for analysts who have recently updated their price targets. Jefferies Financial Group reaffirmed a “buy” rating with a price objective of $330.00. Meanwhile, Robert W. Baird raised its target from $314.00 to $319.00, maintaining an “outperform” rating. Other analysts, including Citigroup, have adjusted their price objectives, with Citigroup reducing its target from $349.00 to $319.00, while Raymond James Financial increased its target from $310.00 to $340.00.
Currently, eighteen analysts have assigned a Buy rating to Veeva, while six have rated it Hold and two have given it a Sell rating. The consensus rating is categorized as a “Moderate Buy” with a target price averaging $307.42, according to MarketBeat.
Insider Transactions and Stock Performance
In related news, insider activity has seen some notable transactions. On October 2, Thomas D. Schwenger, a company insider, sold 3,350 shares at an average price of $300.04, totaling $1,005,134.00. Following this sale, Schwenger’s ownership decreased to 23,773 shares valued at approximately $7.13 million. Additionally, SVP Jonathan Faddis sold 14,595 shares at an average price of $300.00, amounting to $4,378,500.00. After this transaction, Faddis held 8,588 shares valued at $2.58 million. Over the last quarter, insiders have sold a total of 24,665 shares worth around $7.44 million, with insiders owning 10.30% of the company.
Shares of Veeva Systems opened at $222.11 on Friday. The company has a market capitalization of $36.51 billion and a price-to-earnings ratio of 43.21. Veeva reported earnings on November 20, indicating a strong performance with $2.04 earnings per share (EPS), exceeding analysts’ expectations of $1.95 by $0.09. Revenue for the quarter reached $0.81 million, surpassing projections of $792.37 million, and reflecting a year-over-year increase of 16.0%.
Founded in 2007 and headquartered in Pleasanton, California, Veeva Systems specializes in cloud software for the life sciences industry. The company supports clients in managing compliance processes across pharmaceuticals, biotechnology, and medical devices, with a robust product suite that enhances operational efficiency in regulated environments.