Cwm LLC Sells 22,357 Shares of Veeva Systems Inc. $VEEV

Key Points

• Cwm LLC cut its Veeva stake by 41.7% in Q4, selling 22,357 shares and ending the quarter with 31,270 shares worth about $6.98 million.
• Veeva's board approved a $2.0 billion share repurchase program, authorizing buybacks of up to 5.5% of outstanding shares.
• Veeva beat the quarter's estimates with $2.06 EPS (vs. $1.94 expected) and revenue of $835.95 million, up 16% year‑over‑year.

Cwm LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 41.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,270 shares of the technology company's stock after selling 22,357 shares during the period. Cwm LLC's holdings in Veeva Systems were worth $6,980,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GPS Wealth Strategies Group LLC increased its position in shares of Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company's stock worth $25,000 after acquiring an additional 55 shares in the last quarter. Board of the Pension Protection Fund bought a new stake in Veeva Systems during the 4th quarter worth approximately $27,000. Raiffeisen Bank International AG purchased a new stake in shares of Veeva Systems in the third quarter worth approximately $28,000. Newbridge Financial Services Group Inc. raised its position in Veeva Systems by 322.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock valued at $29,000 after buying an additional 100 shares during the last quarter. Finally, OLD Second National Bank of Aurora purchased a new position in Veeva Systems during the 3rd quarter worth $30,000. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $153.50, for a total value of $115,125.00. Following the completion of the transaction, the director directly owned 4,003 shares in the company, valued at approximately $614,460.50. The trade was a 15.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 0.5%

Veeva Systems stock opened at $168.83 on Tuesday. The business's 50 day simple moving average is $177.57 and its 200 day simple moving average is $223.89. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The company has a market cap of $27.58 billion, a price-to-earnings ratio of 31.21, a PEG ratio of 1.10 and a beta of 1.10.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The firm had revenue of $835.95 million for the quarter, compared to analyst estimates of $810.95 million. During the same period in the previous year, the company posted $1.74 earnings per share. The business's revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, equities research analysts forecast that Veeva Systems Inc. will post 6.41 earnings per share for the current fiscal year.

Veeva Systems announced that its Board of Directors has initiated a share repurchase program on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on VEEV. Morgan Stanley increased their target price on shares of Veeva Systems from $205.00 to $215.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. Zacks Research upgraded shares of Veeva Systems from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 15th. Weiss Ratings downgraded Veeva Systems from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, January 12th. Truist Financial reiterated a "buy" rating and set a $262.00 price target (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. Finally, JPMorgan Chase & Co. cut their price objective on Veeva Systems from $330.00 to $296.00 and set an "overweight" rating on the stock in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $278.70.

About Veeva Systems

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.