East Coast Asset Management LLC. Acquires Shares of 9,480 Veeva Systems Inc. $VEEV

Key Points

• East Coast Asset Management acquired 9,480 Veeva Systems shares during the first quarter, valued at approximately $1.665 million and representing about 0.5% of its portfolio. Institutional investors collectively own 88.2% of Veeva.
• Veeva exceeded quarterly expectations, reporting adjusted EPS of $2.24 versus the $2.14 consensus and revenue of $882.95 million, up 16.3% year over year. The company reported a 28.37% net margin.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $247.08, despite several firms lowering their targets. Veeva shares opened at $194.23, while a director recently sold 750 shares under a pre-arranged trading plan.

East Coast Asset Management LLC. acquired a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,480 shares of the technology company's stock, valued at approximately $1,665,000. Veeva Systems makes up about 0.5% of East Coast Asset Management LLC.'s investment portfolio, making the stock its 25th biggest position.

Other large investors also recently made changes to their positions in the company. Sivia Capital Partners LLC lifted its position in Veeva Systems by 225.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company's stock worth $899,000 after buying an additional 2,164 shares in the last quarter. Bank of Nova Scotia lifted its position in shares of Veeva Systems by 44.5% during the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock worth $1,689,000 after purchasing an additional 1,806 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Veeva Systems by 34.6% during the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock worth $2,543,000 after purchasing an additional 2,272 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Veeva Systems by 2.2% during the second quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company's stock valued at $19,856,000 after purchasing an additional 1,452 shares during the last quarter. Finally, Diversify Wealth Management LLC grew its stake in shares of Veeva Systems by 5.3% during the second quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock valued at $3,140,000 after purchasing an additional 575 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the transaction, the director directly owned 3,253 shares in the company, valued at $506,296.92. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by corporate insiders.

Veeva Systems Price Performance

VEEV opened at $194.23 on Tuesday. The firm has a 50 day simple moving average of $175.19 and a 200 day simple moving average of $181.01. Veeva Systems Inc. has a fifty-two week low of $148.05 and a fifty-two week high of $310.50. The company has a market cap of $31.55 billion, a price-to-earnings ratio of 34.62, a price-to-earnings-growth ratio of 0.80 and a beta of 0.94.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The firm had revenue of $882.95 million for the quarter, compared to analysts' expectations of $857.73 million. During the same period last year, the firm earned $1.97 earnings per share. The business's revenue for the quarter was up 16.3% on a year-over-year basis. 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. As a group, analysts expect that Veeva Systems Inc. will post 6.65 EPS for the current year.

Wall Street Analyst Weigh In

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

Several research analysts recently weighed in on VEEV shares. Mizuho dropped their price objective on shares of Veeva Systems from $295.00 to $270.00 and set an "outperform" rating for the company in a research report on Thursday, June 4th. Barclays decreased their price objective on Veeva Systems from $250.00 to $235.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Guggenheim initiated coverage on Veeva Systems in a research note on Thursday, July 23rd. They issued a "buy" rating and a $232.00 target price for the company. Piper Sandler dropped their target price on Veeva Systems from $285.00 to $235.00 and set an "overweight" rating for the company in a research report on Thursday, June 4th. Finally, Evercore reaffirmed an "outperform" rating and set a $185.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $247.08.

Veeva Systems Company 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.

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.