Faithward Advisors LLC Cuts Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Faithward Advisors LLC reduced its Veeva Systems stake by 91.1% in the first quarter, selling 17,693 shares and ending with 1,726 shares worth about $303,000.
• Veeva reported better-than-expected quarterly results, posting EPS of $2.24 versus $2.14 expected and revenue of $882.95 million, up 16.3% year over year.
• Wall Street remains generally positive on the stock, with a Moderate Buy consensus and an average price target of $250.96, though analysts have mixed individual targets and ratings.

Faithward Advisors LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 91.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,726 shares of the technology company's stock after selling 17,693 shares during the quarter. Faithward Advisors LLC's holdings in Veeva Systems were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of VEEV. Robeco Institutional Asset Management B.V. grew its position 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 valued at $199,137,000 after acquiring an additional 90,703 shares during the period. Elo Mutual Pension Insurance Co lifted its stake in Veeva Systems by 50.2% in the third quarter. Elo Mutual Pension Insurance Co now owns 26,541 shares of the technology company's stock valued at $7,907,000 after purchasing an additional 8,869 shares during the last quarter. Empire Life Investments Inc. lifted 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 purchasing an additional 6,453 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Veeva Systems by 4.1% during the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company's stock valued at $1,770,071,000 after purchasing an additional 235,983 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in Veeva Systems by 217.2% during the fourth quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company's stock valued at $2,337,000 after purchasing an additional 7,169 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of VEEV stock opened at $161.44 on Thursday. The company's fifty day simple moving average is $163.70 and its two-hundred day simple moving average is $187.12. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50. The stock has a market capitalization of $26.22 billion, a price-to-earnings ratio of 28.78, a PEG ratio of 0.69 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted 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. The firm had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The business's revenue for the quarter was up 16.3% on a year-over-year basis. During the same period last year, the company earned $1.97 earnings per share. 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. Equities research analysts anticipate that Veeva Systems Inc. will post 6.65 EPS for the current year.

Insider Transactions at Veeva Systems

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on VEEV shares. BTIG Research reissued a "buy" rating and issued a $340.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Royal Bank Of Canada reiterated an "outperform" rating and set a $275.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Piper Sandler decreased their price objective on Veeva Systems from $285.00 to $235.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. Evercore restated an "outperform" rating and issued a $185.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Finally, Truist Financial restated a "buy" rating and issued a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. Eighteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $250.96.

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.

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