Bright Rock Capital Management LLC Increases Holdings in Veeva Systems Inc. $VEEV

Key Points

• Bright Rock Capital Management doubled its Veeva Systems holdings in the second quarter, adding 43,000 shares to own 86,000 shares valued at approximately $15.3 million. Institutional investors collectively own 88.2% of Veeva’s stock.
• Veeva reported quarterly earnings of $2.24 per share, exceeding estimates of $2.14, while revenue of $882.95 million rose 16.3% year over year and also topped expectations.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $247.08, despite some recent target-price reductions and rating downgrades.

Bright Rock Capital Management LLC raised its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 100.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,000 shares of the technology company's stock after acquiring an additional 43,000 shares during the period. Veeva Systems makes up 3.1% of Bright Rock Capital Management LLC's investment portfolio, making the stock its 7th largest position. Bright Rock Capital Management LLC owned about 0.05% of Veeva Systems worth $15,262,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of VEEV. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock worth $727,513,000 after purchasing an additional 271,252 shares during the last quarter. State Street Corp lifted its position in Veeva Systems by 2.4% during the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock valued at $801,267,000 after purchasing an additional 85,695 shares during the last quarter. Geode Capital Management LLC lifted its position in Veeva Systems by 0.7% during 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 purchasing an additional 23,117 shares during the last quarter. AQR Capital Management LLC grew its stake in Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company's stock worth $706,078,000 after buying an additional 574,164 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Veeva Systems by 12.3% in 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 buying an additional 189,093 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Up 5.6%

Shares of Veeva Systems stock opened at $229.93 on Friday. The firm has a market cap of $37.35 billion, a PE ratio of 40.99, a price-to-earnings-growth ratio of 0.94 and a beta of 0.92. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The company's fifty day simple moving average is $183.83 and its two-hundred day simple moving average is $180.11.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on VEEV. Citigroup raised their price objective on shares of Veeva Systems from $176.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, June 4th. Stifel Nicolaus cut their target price on shares of Veeva Systems from $245.00 to $230.00 and set a "buy" rating for the company in a research report on Thursday, June 4th. Weiss Ratings raised Veeva Systems from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, July 10th. Zacks Research downgraded Veeva Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 14th. Finally, Oppenheimer reaffirmed an "outperform" rating on shares of Veeva Systems in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $247.08.

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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