Brown Lisle Cummings Inc. Lowers Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Brown Lisle Cummings cut its Veeva Systems stake by 58.1% in the second quarter, selling 10,120 shares and retaining 7,293 shares valued at approximately $1.29 million. Institutional investors collectively own 88.2% of Veeva’s stock.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” from 28 analysts and an average price target of $284.46; recent targets range from $165 to $325.
• Veeva exceeded quarterly expectations, reporting adjusted earnings of $2.35 per share and revenue of $927.96 million, up 17.6% year over year. Shares opened at $274.02, while insider Thomas Schwenger sold 10,000 shares under a Rule 10b5-1 plan.

Brown Lisle Cummings Inc. reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 58.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,293 shares of the technology company's stock after selling 10,120 shares during the quarter. Brown Lisle Cummings Inc.'s holdings in Veeva Systems were worth $1,294,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. California State Teachers Retirement System increased its holdings in shares of Veeva Systems by 16,590.3% during the second quarter. California State Teachers Retirement System now owns 39,388,224 shares of the technology company's stock valued at $6,990,228,000 after acquiring an additional 39,152,230 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Veeva Systems by 7.0% in the 1st 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 in the last quarter. State Street Corp grew its position in Veeva Systems by 2.4% during the 4th 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 increased its stake in Veeva Systems by 0.7% during the 4th 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 in the last quarter. Finally, AQR Capital Management LLC increased its stake in Veeva Systems by 31.2% during the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company's stock valued at $706,078,000 after purchasing an additional 574,164 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and issued a $295.00 target price on shares of Veeva Systems in a report on Thursday, August 27th. Canaccord Genuity Group boosted their price objective on shares of Veeva Systems from $220.00 to $260.00 and gave the stock a "hold" rating in a report on Thursday, August 27th. Royal Bank Of Canada upped their price objective on Veeva Systems from $275.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. The Goldman Sachs Group cut their target price on Veeva Systems from $190.00 to $165.00 and set a "sell" rating on the stock in a research note on Thursday, June 4th. Finally, Truist Financial lifted their target price on Veeva Systems from $262.00 to $305.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $284.46.

Veeva Systems Stock Down 0.4%

Shares of VEEV stock opened at $274.02 on Tuesday. The company has a 50 day moving average price of $222.45 and a 200-day moving average price of $188.73. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50. The firm has a market capitalization of $44.37 billion, a PE ratio of 45.07, a P/E/G ratio of 1.17 and a beta of 0.97.

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

Insiders Place Their Bets

In other news, insider Thomas Schwenger sold 10,000 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the transaction, the insider directly owned 19,449 shares of the company's stock, valued at $5,471,587.17. This represents a 33.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.60% of the company's stock.

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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