Cannon Global Investment Management LLC Makes New $518,000 Investment in Veeva Systems Inc. $VEEV

Key Points

• Cannon Global Investment Management LLC made a new investment of $518,000 in Veeva Systems, acquiring 1,800 shares, which constitutes about 1.1% of its investment portfolio.
• Veeva Systems reported earnings of $1.26 per share for the recent quarter, missing the consensus estimate of $1.90, although revenue increased by 16.7% year-over-year.
• Analyst ratings for Veeva Systems are mostly positive, with 17 analysts giving a Buy rating and a consensus target price set at $307.58.

Cannon Global Investment Management LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,800 shares of the technology company's stock, valued at approximately $518,000. Veeva Systems makes up approximately 1.1% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 26th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Abound Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter worth $25,000. ORG Partners LLC purchased a new position in shares of Veeva Systems in the 1st quarter worth $26,000. Trust Co. of Toledo NA OH purchased a new position in shares of Veeva Systems in the 2nd quarter worth $29,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter worth $32,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 3.0%

Shares of Veeva Systems stock opened at $283.96 on Friday. The stock's 50-day simple moving average is $283.44 and its 200-day simple moving average is $266.73. Veeva Systems Inc. has a 52 week low of $201.54 and a 52 week high of $310.50. The company has a market capitalization of $46.54 billion, a price-to-earnings ratio of 58.31, a PEG ratio of 2.26 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, August 27th. The technology company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.64). Veeva Systems had a net margin of 27.29% and a return on equity of 13.72%. The business had revenue of $789.08 million during the quarter, compared to analysts' expectations of $768.49 million. During the same quarter in the previous year, the firm earned $1.62 earnings per share. Veeva Systems's revenue was up 16.7% on a year-over-year basis. Veeva Systems has set its Q3 2026 guidance at 1.940-1.950 EPS. FY 2026 guidance at 7.780-7.780 EPS. On average, equities analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently issued reports on VEEV. William Blair restated an "outperform" rating on shares of Veeva Systems in a research note on Friday. Canaccord Genuity Group raised their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Raymond James Financial restated an "outperform" rating and issued a $340.00 price target (up from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Wells Fargo & Company lifted their target price on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Veeva Systems in a research report on Wednesday, October 8th. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $307.58.

Insider Activity

In other news, insider Thomas D. Schwenger sold 3,350 shares of the business's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total value of $1,005,134.00. Following the transaction, the insider directly owned 23,773 shares in the company, valued at $7,132,850.92. The trade was a 12.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 14,595 shares of the business's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the completion of the transaction, the senior vice president owned 8,588 shares in the company, valued at $2,576,400. The trade was a 62.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,665 shares of company stock worth $7,438,000 over the last ninety days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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