Corient Private Wealth LP Reduces Stake in Veeva Systems Inc. $VEEV

Key Points

• Corient Private Wealth reduced its Veeva Systems stake by 5.9% in the second quarter, selling 8,415 shares and retaining 134,311 shares valued at approximately $23.8 million. Institutional investors collectively own 88.2% of Veeva’s stock.
• Veeva reported quarterly earnings of $2.35 per share, exceeding estimates of $2.23, while revenue rose 17.6% year over year to $927.96 million. The stock opened at $262.30, with a market capitalization of about $42.5 billion.
• Analysts maintain a generally positive outlook, with 19 Buy, eight Hold and one Sell rating; the consensus rating is “Moderate Buy” with a $284.88 price target. Recent targets range from $260 to $330, although insiders have sold 46,750 shares worth about $12 million over the past 90 days.

Corient Private Wealth LP reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 134,311 shares of the technology company's stock after selling 8,415 shares during the period. Corient Private Wealth LP owned 0.08% of Veeva Systems worth $23,836,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. California State Teachers Retirement System boosted its position in shares of Veeva Systems by 16,590.3% in the 2nd 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 purchasing an additional 39,152,230 shares during the period. Principal Financial Group Inc. increased its position in Veeva Systems by 7.0% during the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock worth $727,513,000 after buying an additional 271,252 shares during the period. State Street Corp increased 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 worth $801,267,000 after buying an additional 85,695 shares during the period. Geode Capital Management LLC lifted its stake in Veeva Systems by 0.7% in 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 buying an additional 23,117 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Veeva Systems by 31.2% in the third quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company's stock valued at $706,078,000 after buying an additional 574,164 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 0.0%

NYSE:VEEV opened at $262.30 on Monday. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The stock's 50 day simple moving average is $228.50 and its 200-day simple moving average is $191.08. The firm has a market cap of $42.47 billion, a P/E ratio of 43.14, a PEG ratio of 1.12 and a beta of 0.97.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm 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 company's revenue for the quarter was up 17.6% on a year-over-year basis. During the same period last year, the company earned $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. Research analysts forecast that Veeva Systems Inc. will post 6.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on VEEV. Barclays raised their target price on shares of Veeva Systems from $275.00 to $315.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Canaccord Genuity Group upped their price target on shares of Veeva Systems from $220.00 to $260.00 and gave the company a "hold" rating in a research report on Thursday, August 27th. BNP Paribas Exane reiterated an "outperform" rating and set a $285.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Jefferies Financial Group reissued a "buy" rating and set a $295.00 price objective on shares of Veeva Systems in a research report on Thursday, August 27th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $330.00 price objective on shares of Veeva Systems in a research note on Tuesday, September 8th. Nineteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $284.88.

Insider Activity

In related news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the sale, the director owned 3,242 shares in the company, valued at $846,291.68. This trade represents a 18.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas D. Schwenger sold 10,000 shares of Veeva Systems 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 sale, the insider directly owned 19,449 shares in the company, valued at $5,471,587.17. This represents a 33.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 46,750 shares of company stock worth $12,017,360. Insiders own 10.60% of the company's stock.

Veeva Systems Profile

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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