Cetera Investment Advisers Decreases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Cetera Investment Advisers cut its Veeva Systems stake by 14.6% in the first quarter, selling 12,179 shares and retaining 71,329 shares valued at approximately $12.53 million.
• Veeva reported stronger-than-expected quarterly results, with EPS of $2.24 and revenue of $882.95 million, up 16.3% year over year.
• Wall Street remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $247.08 versus its reported price of $207.82.

Cetera Investment Advisers lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,329 shares of the technology company's stock after selling 12,179 shares during the quarter. Cetera Investment Advisers' holdings in Veeva Systems were worth $12,530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its stake in shares of Veeva Systems by 11.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company's stock worth $199,137,000 after acquiring an additional 90,703 shares in the last quarter. Empire Life Investments Inc. boosted its stake in Veeva Systems by 21.1% in the fourth quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company's stock valued at $8,272,000 after acquiring an additional 6,453 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Veeva Systems by 217.2% in the fourth quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company's stock valued at $2,337,000 after acquiring an additional 7,169 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Veeva Systems by 14.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,110,075 shares of the technology company's stock worth $247,817,000 after purchasing an additional 137,965 shares during the last quarter. Finally, KBC Group NV grew its holdings in Veeva Systems by 180.2% in the fourth quarter. KBC Group NV now owns 201,140 shares of the technology company's stock worth $44,900,000 after purchasing an additional 129,346 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Price Performance

NYSE VEEV opened at $207.82 on Thursday. The company has a market cap of $33.76 billion, a price-to-earnings ratio of 37.04, a PEG ratio of 0.87 and a beta of 0.94. The stock's fifty day moving average price is $176.81 and its 200 day moving average price is $180.51. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, topping 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 company had revenue of $882.95 million during the quarter, compared to analysts' expectations of $857.73 million. During the same quarter in the previous year, the firm posted $1.97 EPS. The firm's revenue was up 16.3% compared to the same quarter last year. 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. Research analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Mizuho reduced their price target on Veeva Systems from $295.00 to $270.00 and set an "outperform" rating on the stock in a research report on Thursday, June 4th. Royal Bank Of Canada restated an "outperform" rating and set a $275.00 target price on shares of Veeva Systems in a research note on Thursday, June 4th. Evercore reiterated an "outperform" rating and issued a $185.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Guggenheim assumed coverage on Veeva Systems in a research note on Thursday, July 23rd. They set a "buy" rating and a $232.00 price target on the stock. Finally, Robert W. Baird upped their price objective on shares of Veeva Systems from $250.00 to $260.00 and gave the company an "outperform" rating in a report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $247.08.

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

Veeva Systems 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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