California State Teachers Retirement System Acquires 39,152,230 Shares of Veeva Systems Inc. $VEEV

Key Points

• California State Teachers Retirement System increased its Veeva Systems stake by 16,590.3% in the second quarter, acquiring 39.15 million shares and bringing its total holdings to 39.39 million shares, valued at approximately $6.99 billion.
• Veeva reported quarterly adjusted earnings of $2.35 per share and revenue of $927.96 million, exceeding analyst estimates of $2.23 and $905.38 million, respectively. Revenue increased 17.6% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $284.88; however, insider Thomas Schwenger sold 10,000 shares at an average price of $281.33.

California State Teachers Retirement System lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16,590.3% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 39,388,224 shares of the technology company's stock after buying an additional 39,152,230 shares during the period. California State Teachers Retirement System owned about 24.25% of Veeva Systems worth $6,990,228,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of VEEV. Washington Trust Advisors Inc. boosted its stake in Veeva Systems by 7.5% in the second quarter. Washington Trust Advisors Inc. now owns 49,843 shares of the technology company's stock valued at $8,846,000 after buying an additional 3,475 shares in the last quarter. Wedmont Private Capital grew its position in Veeva Systems by 14.1% in the second quarter. Wedmont Private Capital now owns 1,938 shares of the technology company's stock valued at $368,000 after acquiring an additional 239 shares during the last quarter. Nilsine Partners LLC acquired a new position in Veeva Systems during the second quarter worth about $2,661,000. Saudi Central Bank raised its stake in Veeva Systems by 78.5% during the second quarter. Saudi Central Bank now owns 10,290 shares of the technology company's stock worth $1,826,000 after acquiring an additional 4,526 shares in the last quarter. Finally, Angeles Wealth Management LLC bought a new position in shares of Veeva Systems in the second quarter worth about $206,000. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on VEEV shares. TD Cowen raised their price target on shares of Veeva Systems from $235.00 to $283.00 and gave the company a "buy" rating in a research note on Monday, August 24th. BMO Capital Markets upped their price objective on shares of Veeva Systems from $175.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, August 27th. Evercore reissued an "outperform" rating and issued a $185.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Citigroup raised their target price on shares of Veeva Systems from $190.00 to $273.00 and gave the company a "neutral" rating in a research report on Friday, August 28th. Finally, Stifel Nicolaus set a $300.00 target price on shares of Veeva Systems in a research note on Thursday, August 27th. Nineteen research 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. According to MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $284.88.

Veeva Systems Trading Down 1.5%

Shares of VEEV stock opened at $260.77 on Thursday. The business's 50-day moving average price is $225.72 and its 200-day moving average price is $189.87. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The firm has a market capitalization of $42.22 billion, a price-to-earnings ratio of 42.89, a PEG ratio of 1.13 and a beta of 0.97.

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

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas Schwenger sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $281.33, for a total value of $2,813,300.00. Following the completion of the transaction, the insider directly owned 19,449 shares in the company, valued at approximately $5,471,587.17. This represents a 33.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by insiders.

About Veeva Systems

Veeva Systems Inc is a cloud software company that provides technology solutions for the life sciences industry, including pharmaceutical, biotechnology, medical device and related organizations. Its applications are designed to support functions across the product lifecycle, from research and clinical development through regulatory approval, manufacturing, quality management and commercial operations.

The company's Veeva Vault platform includes applications for clinical data management, electronic trial management, regulatory information, quality processes, safety operations and commercial content management.

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