Assenagon Asset Management S.A. has significantly increased its stake in Veeva Systems Inc. (NYSE: VEEV), raising its position by an impressive 173.8% during the third quarter of 2023. This information was disclosed in the firm’s latest Form 13F filing with the U.S. Securities and Exchange Commission. Following this investment, Assenagon now holds 59,538 shares of the technology company, having acquired an additional 37,789 shares over the quarter. The total value of Assenagon’s holdings in Veeva Systems amounted to approximately $17.7 million at the end of the reporting period.
Institutional interest in Veeva Systems has been robust, with several other investors adjusting their positions. For example, Cullen Investment Group LTD. increased its holdings by 2.2%, now owning 7,969 shares valued at $2.36 million after acquiring 172 shares. Similarly, Union Bancaire Privee UBP SA boosted its stake by 9.4%, bringing its total to 15,493 shares, worth $4.62 million. HF Advisory Group LLC made a notable increase of 49.9%, owning 2,567 shares valued at $765,000 after purchasing an additional 854 shares.
In addition, New England Research & Management Inc. entered the market with a new position worth $670,000, while Aaron Wealth Advisors LLC lifted its holdings by 9.9%, now owning 955 shares valued at $285,000. Currently, institutional investors control approximately 88.20% of Veeva Systems’ stock.
Analysts Update Price Targets for Veeva Systems
Recent analyst evaluations have reinforced positive sentiment for Veeva Systems. The Jefferies Financial Group reaffirmed a “buy” rating, setting a price target of $330.00. Robert W. Baird also raised its price target from $314.00 to $319.00, maintaining an “outperform” rating. Citigroup adjusted its price objective downward from $349.00 to $319.00, while Raymond James Financial increased its target price from $310.00 to $340.00.
Overall, 18 analysts have rated Veeva Systems with a “Buy” rating, while 6 have given a Hold rating and 2 have issued a Sell rating. According to MarketBeat, the stock currently holds a consensus rating of “Moderate Buy” and a target price averaging $307.42.
Insider Trading Activity at Veeva Systems
On the insider trading front, Thomas D. Schwenger, an insider at Veeva Systems, sold 3,350 shares on October 2, 2023, at an average price of $300.04, totaling $1,005,134.00. Following this transaction, Schwenger retained 23,773 shares, valued at approximately $7.13 million, reflecting a 12.35% decrease in his position.
Additionally, senior vice president Jonathan Faddis sold 14,595 shares on the same date at an average price of $300.00, resulting in a total of $4,378,500.00. After this sale, he owned 8,588 shares, valued at $2.58 million, marking a significant 62.96% decrease in his holdings. In total, insiders sold 24,665 shares worth approximately $7.44 million during the last quarter, leaving insiders with 10.30% ownership of the company.
Veeva Systems Stock Performance
As of Friday, Veeva Systems shares opened at $222.11. The company boasts a market capitalization of $36.51 billion and has a price-to-earnings ratio of 43.21, along with a PEG ratio of 1.62 and a beta of 1.05. Over the past year, the stock has fluctuated, reaching a low of $201.54 and a high of $310.50.
On November 20, 2023, Veeva Systems reported earnings of $2.04 per share, surpassing analyst expectations of $1.95. The company generated revenue of $0.81 million for the quarter, slightly exceeding projections of $792.37 million. This performance marked a 16.0% increase in revenue compared to the same quarter the previous year, when the company recorded earnings of $1.75 per share.
Veeva Systems has provided guidance for the fiscal year 2026, projecting earnings per share between $7.93 and $7.93, and $1.92 for the fourth quarter of 2026. Analysts anticipate that the company will post earnings of $4.35 per share for the current year.
Founded in 2007 and headquartered in Pleasanton, California, Veeva Systems specializes in cloud-based software solutions specifically tailored for the life sciences sector. The company focuses on assisting pharmaceutical, biotechnology, and medical device firms in managing critical regulatory processes and quality systems. Veeva Systems completed its initial public offering in 2013 and has since expanded its global presence and product offerings, primarily through its Vault platform and related applications.
