BI Asset Management Fondsmaeglerselskab A S Has $1.24 Million Stake in Veeva Systems Inc. $VEEV

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its Veeva Systems stake by 58.1% in the first quarter, leaving it with 7,060 shares valued at about $1.24 million.
• Veeva reported better-than-expected quarterly results, posting EPS of $2.24 versus $2.14 expected and revenue of $882.95 million, up 16.3% year over year.
• Analyst sentiment remains cautiously positive, with 18 Buy ratings, 8 Hold ratings and 1 Sell rating, and a consensus target price of $250.96 despite several price target cuts.

BI Asset Management Fondsmaeglerselskab A S decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 58.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,060 shares of the technology company's stock after selling 9,786 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Veeva Systems were worth $1,240,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 buying an additional 2,164 shares during the period. Bank of Nova Scotia boosted its holdings in shares of Veeva Systems by 44.5% in the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock valued at $1,689,000 after buying an additional 1,806 shares during the period. NewEdge Advisors LLC increased its position in shares of Veeva Systems by 34.6% during the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock worth $2,543,000 after acquiring an additional 2,272 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Veeva Systems by 2.2% during the second quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company's stock worth $19,856,000 after acquiring an additional 1,452 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its holdings in shares of Veeva Systems by 5.3% during the second quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock worth $3,140,000 after acquiring an additional 575 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Price Performance

Veeva Systems stock opened at $161.44 on Thursday. The firm has a 50-day moving average of $163.70 and a 200-day moving average of $187.12. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50. The company has a market cap of $26.22 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 0.69 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.10. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The business had revenue of $882.95 million for the quarter, compared to the consensus estimate of $857.73 million. During the same quarter in the previous year, the business earned $1.97 earnings per share. Veeva Systems'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, sell-side analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on 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. This represents a 18.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of Veeva Systems from $220.00 to $175.00 and set a "market perform" rating for the company in a research note on Thursday, June 4th. Barclays dropped their price target on Veeva Systems from $250.00 to $235.00 and set an "overweight" rating on the stock in a research note on Thursday, June 4th. Canaccord Genuity Group reduced their price objective on Veeva Systems from $235.00 to $220.00 and set a "hold" rating for the company in a research report on Thursday, June 4th. BTIG Research reiterated a "buy" rating and set a $340.00 price objective on shares of Veeva Systems in a report on Thursday, June 4th. Finally, Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. Eighteen equities research 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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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