Fideuram Intesa Sanpaolo Private Banking S.P.A. Sells 15,839 Shares of Veeva Systems Inc. $VEEV

Key Points

• Fideuram Intesa Sanpaolo Private Banking reduced its Veeva Systems stake by 24.8% in the first quarter, selling 15,839 shares and ending with 47,960 shares valued at about $8.4 million.
• Veeva Systems reported strong quarterly results, with EPS of $2.24 beating estimates and revenue of $882.95 million topping expectations, while revenue rose 16.3% year over year.
• Wall Street remains mixed but generally constructive on the stock: analysts currently have a Moderate Buy consensus with an average target price of about $250.96, though some firms recently lowered ratings or price targets.

Fideuram Intesa Sanpaolo Private Banking S.P.A. cut its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 24.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,960 shares of the technology company's stock after selling 15,839 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A.'s holdings in Veeva Systems were worth $8,425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. grew its position in Veeva Systems by 11.3% in 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 purchasing an additional 90,703 shares during the period. Empire Life Investments Inc. increased its stake in Veeva Systems by 21.1% during the 4th 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 in the last quarter. Alliancebernstein L.P. raised 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 worth $1,770,071,000 after buying an additional 235,983 shares during the last quarter. Farther Finance Advisors LLC raised 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 worth $2,337,000 after buying an additional 7,169 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in shares of 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 valued at $247,817,000 after buying an additional 137,965 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the sale, 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 SEC, which is available at this hyperlink. 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

NYSE VEEV opened at $192.40 on Friday. The business's fifty day moving average is $164.94 and its 200-day moving average is $184.77. The stock has a market capitalization of $31.25 billion, a price-to-earnings ratio of 34.30, a PEG ratio of 0.79 and a beta of 0.94. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50.

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

Wall Street Analyst Weigh In

VEEV has been the subject of a number of analyst reports. Robert W. Baird lifted 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. BTIG Research reaffirmed a "buy" rating and issued a $340.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. The Goldman Sachs Group dropped their price target on shares of Veeva Systems from $190.00 to $165.00 and set a "sell" rating on the stock in a research report on Thursday, June 4th. Weiss Ratings lowered Veeva Systems from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, June 25th. Finally, Citigroup increased their price objective on Veeva Systems from $176.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $250.96.

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.

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