Ashe Capital Management LP Lowers Position in Veeva Systems Inc. $VEEV

Key Points

• Ashe Capital Management LP cut its Veeva Systems stake by 15% in the fourth quarter, selling 82,574 shares and leaving it with 467,917 shares worth about $104.5 million.
• Veeva Systems reported better-than-expected quarterly results, with EPS of $2.24 versus $2.14 expected and revenue of $882.95 million, up 16.3% year over year.
• The stock was down 5.4% to $154.48, near its 1-year low, while analysts still view it favorably overall with a Moderate Buy rating and an average target price of $250.96.

Ashe Capital Management LP reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 15.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 467,917 shares of the technology company's stock after selling 82,574 shares during the period. Veeva Systems comprises approximately 10.1% of Ashe Capital Management LP's investment portfolio, making the stock its 5th largest position. Ashe Capital Management LP owned 0.28% of Veeva Systems worth $104,453,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Sivia Capital Partners LLC raised its holdings in Veeva Systems by 225.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company's stock worth $899,000 after purchasing an additional 2,164 shares during the last quarter. Bank of Nova Scotia increased its stake in shares of Veeva Systems by 44.5% in the 2nd quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock valued at $1,689,000 after acquiring an additional 1,806 shares in the last quarter. NewEdge Advisors LLC increased its stake in shares of Veeva Systems by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock valued at $2,543,000 after acquiring an additional 2,272 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Veeva Systems by 2.2% in the 2nd quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company's stock valued at $19,856,000 after acquiring an additional 1,452 shares in the last quarter. Finally, Diversify Wealth Management LLC increased its stake in shares of Veeva Systems by 5.3% in the 2nd quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock valued at $3,140,000 after acquiring an additional 575 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In related news, Director Priscilla Hung sold 750 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the transaction, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Trading Down 5.4%

VEEV stock opened at $154.48 on Thursday. The company's 50 day moving average is $164.20 and its 200 day moving average is $190.10. The stock has a market cap of $25.09 billion, a price-to-earnings ratio of 27.54, a price-to-earnings-growth ratio of 0.70 and a beta of 0.95. Veeva Systems Inc. has a 1-year low of $148.05 and a 1-year high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.10. The company had revenue of $882.95 million for the quarter, compared to analysts' expectations of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. Veeva Systems's revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.97 earnings per share. 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, sell-side analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have commented on VEEV. Oppenheimer reaffirmed an "outperform" rating and set a $225.00 price objective on shares of Veeva Systems in a report on Thursday, June 4th. Citigroup upped their price objective on shares of Veeva Systems from $176.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, June 4th. Canaccord Genuity Group decreased their price target 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. William Blair reiterated an "outperform" rating on shares of Veeva Systems in a research report on Tuesday, March 10th. Finally, Stifel Nicolaus decreased their price target on Veeva Systems from $245.00 to $230.00 and set a "buy" rating on the stock in a research report on Thursday, June 4th. Eighteen 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 company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $250.96.

Veeva Systems Company Profile

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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