Veeva Systems (NYSE:VEEV) Shares Gap Up After Better-Than-Expected Earnings

Veeva Systems Inc. (NYSE:VEEV) shares gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $234.49, but opened at $268.59. Veeva Systems shares last traded at $281.60, with a volume of 983,290 shares changing hands.

The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the firm posted $1.50 earnings per share.

Analyst Ratings Changes

VEEV has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research report on Thursday, March 20th. Needham & Company LLC upped their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler reduced their price target on shares of Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Stephens reaffirmed an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $256.12.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock worth $1,284,917 in the last quarter. 10.30% of the stock is currently owned by company insiders.

Institutional Trading of Veeva Systems

Several large investors have recently added to or reduced their stakes in the company. Strs Ohio bought a new stake in Veeva Systems during the first quarter worth about $11,628,000. Geneos Wealth Management Inc. grew its stake in Veeva Systems by 7.8% during the first quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company’s stock worth $510,000 after buying an additional 160 shares during the last quarter. Focus Partners Wealth grew its stake in Veeva Systems by 1.2% during the first quarter. Focus Partners Wealth now owns 98,113 shares of the technology company’s stock worth $22,726,000 after buying an additional 1,152 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Veeva Systems by 48.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company’s stock worth $416,918,000 after buying an additional 585,785 shares during the last quarter. Finally, Peloton Wealth Strategists raised its stake in shares of Veeva Systems by 8.6% in the first quarter. Peloton Wealth Strategists now owns 8,145 shares of the technology company’s stock worth $1,887,000 after acquiring an additional 647 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Up 20.4%

The stock’s 50-day moving average price is $228.89 and its 200-day moving average price is $227.27. The company has a market capitalization of $45.93 billion, a price-to-earnings ratio of 69.29, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.