Andra AP fonden Reduces Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Andra AP fonden cut its Veeva Systems stake by 27.9% in the first quarter, selling 32,100 shares and leaving it with 82,917 shares worth about $14.6 million.
• Veeva Systems reported strong quarterly results, with EPS of $2.24 versus the $2.14 estimate and revenue of $882.95 million, up 16.3% year over year.
• Wall Street remains mostly positive on the stock, with 18 Buy ratings and an average target price of $247.74, despite some analysts lowering price targets or maintaining Hold ratings.

Andra AP fonden trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 27.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,917 shares of the technology company's stock after selling 32,100 shares during the period. Andra AP fonden owned approximately 0.05% of Veeva Systems worth $14,565,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock valued at $727,513,000 after purchasing an additional 271,252 shares during the period. State Street Corp boosted its position in shares of Veeva Systems by 2.4% in the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock valued at $801,267,000 after acquiring an additional 85,695 shares during the period. Geode Capital Management LLC boosted its position in shares of Veeva Systems by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,172,716 shares of the technology company's stock valued at $706,442,000 after acquiring an additional 23,117 shares during the period. AQR Capital Management LLC grew its stake in Veeva Systems by 31.2% during the third quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company's stock valued at $706,078,000 after acquiring an additional 574,164 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Veeva Systems by 12.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,728,089 shares of the technology company's stock worth $385,761,000 after acquiring an additional 189,093 shares during the period. Institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the subject of several analyst reports. Evercore reissued an "outperform" rating and issued a $185.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Canaccord Genuity Group lowered their price objective on Veeva Systems from $235.00 to $220.00 and set a "hold" rating on the stock in a research report on Thursday, June 4th. Oppenheimer restated an "outperform" rating on shares of Veeva Systems in a research note on Monday. BTIG Research reaffirmed a "buy" rating and issued a $340.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Finally, TD Cowen reissued a "buy" rating on shares of Veeva Systems in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $247.74.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the sale, the director owned 3,253 shares of the company's stock, valued at approximately $506,296.92. The trade was a 18.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.60% of the company's stock.

Veeva Systems Price Performance

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

Shares of NYSE VEEV opened at $189.46 on Wednesday. The stock has a market capitalization of $30.78 billion, a P/E ratio of 33.77, a PEG ratio of 0.85 and a beta of 0.94. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50. The firm's 50 day simple moving average is $173.03 and its two-hundred day simple moving average is $182.13.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The firm had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. During the same period in the previous year, the business posted $1.97 EPS. The business's quarterly revenue was up 16.3% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, equities analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current fiscal year.

About Veeva Systems

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

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