43,000 Veeva Systems Inc. $VEEV Shares Sold by Bright Rock Capital Management LLC

Key Points

• Bright Rock Capital Management cut its Veeva Systems position by 50% in the third quarter, selling 43,000 shares and retaining 43,000 shares valued at approximately $12.3 million. Institutional investors collectively own 88.2% of Veeva’s stock.
• Veeva insiders sold 46,750 shares worth about $12.0 million over the past 90 days, including sales by an insider and a director under disclosed transactions.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus and an average price target of $284.88. Veeva shares recently traded at $277.23 after reporting quarterly earnings and revenue above analysts’ expectations.

Bright Rock Capital Management LLC lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 50.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,000 shares of the technology company's stock after selling 43,000 shares during the period. Veeva Systems makes up approximately 2.3% of Bright Rock Capital Management LLC's investment portfolio, making the stock its 13th biggest holding. Bright Rock Capital Management LLC's holdings in Veeva Systems were worth $12,274,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Eastern Bank raised its position in Veeva Systems by 1,142.9% during the 3rd quarter. Eastern Bank now owns 435 shares of the technology company's stock valued at $124,000 after purchasing an additional 400 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Veeva Systems by 63.1% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 938 shares of the technology company's stock worth $268,000 after buying an additional 363 shares in the last quarter. CX Institutional lifted its holdings in Veeva Systems by 72.3% during the third quarter. CX Institutional now owns 2,254 shares of the technology company's stock worth $643,000 after buying an additional 946 shares during the period. Versant Capital Management Inc lifted its stake in shares of Veeva Systems by 57.5% during the 3rd quarter. Versant Capital Management Inc now owns 690 shares of the technology company's stock worth $197,000 after purchasing an additional 252 shares during the last quarter. Finally, Burkett Financial Services LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at about $27,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 10,000 shares of the firm's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the completion of the sale, the insider directly owned 19,449 shares in the company, valued at approximately $5,471,587.17. This trade represents a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the sale, the director directly owned 3,242 shares of the company's stock, valued at approximately $846,291.68. This trade represents a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 46,750 shares of company stock valued at $12,017,360 over the last ninety days. Corporate insiders own 10.60% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on VEEV shares. Canaccord Genuity Group raised their price objective on Veeva Systems from $220.00 to $260.00 and gave the stock a "hold" rating in a research report on Thursday, August 27th. Royal Bank Of Canada lifted their target price on shares of Veeva Systems from $275.00 to $325.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Mizuho upped their price target on shares of Veeva Systems from $270.00 to $280.00 and gave the company an "outperform" rating in a research note on Thursday, August 27th. Needham & Company LLC raised their price target on shares of Veeva Systems from $270.00 to $310.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Finally, Stifel Nicolaus set a $300.00 price objective on shares of Veeva Systems in a report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $284.88.

Veeva Systems Stock Up 1.4%

Shares of VEEV stock traded up $3.90 during mid-day trading on Monday, hitting $277.23. 412,932 shares of the stock were exchanged, compared to its average volume of 2,357,184. The firm has a fifty day moving average of $252.60 and a 200 day moving average of $200.16. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50. The company has a market cap of $44.89 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 1.17 and a beta of 0.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to analysts' expectations of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm's revenue for the quarter was up 17.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.99 earnings per share. 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. Equities analysts predict that Veeva Systems Inc. will post 6.7 EPS for the current year.

Veeva Systems Profile

Veeva Systems Inc is a cloud software company that provides applications and services for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other organizations involved in developing, manufacturing and commercializing regulated products.

The company's product portfolio includes the Veeva Vault platform, which supports areas such as clinical operations, regulatory affairs, quality management, safety and medical communications. Veeva also offers commercial and customer relationship management applications, data and analytics products, and services designed to help life sciences companies manage relationships with healthcare professionals, oversee content and improve operational efficiency.

Founded in 2007, Veeva serves customers globally and has expanded its offerings from commercial software into research, development, manufacturing and quality processes.

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