Glenmede Trust Co. NA Raises Holdings in Veeva Systems Inc. $VEEV

Key Points

• Glenmede Trust sharply increased its Veeva Systems stake by 2,994.9% in the first quarter, adding 40,012 shares to own 41,348 shares valued at approximately $7.26 million.
• Institutional investors own 88.2% of Veeva’s outstanding shares, with several other firms also reporting increased positions.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $247.08. Veeva recently beat quarterly EPS and revenue estimates, while revenue rose 16.3% year over year.

Glenmede Trust Co. NA increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2,994.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,348 shares of the technology company's stock after acquiring an additional 40,012 shares during the period. Glenmede Trust Co. NA's holdings in Veeva Systems were worth $7,263,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of VEEV. Sivia Capital Partners LLC increased its holdings in shares of Veeva Systems by 225.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company's stock valued at $899,000 after purchasing an additional 2,164 shares in the last quarter. Bank of Nova Scotia grew its position in Veeva Systems by 44.5% during the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock valued at $1,689,000 after buying an additional 1,806 shares during the period. NewEdge Advisors LLC grew its position in Veeva Systems by 34.6% during the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock valued at $2,543,000 after buying an additional 2,272 shares during the period. Treasurer of the State of North Carolina increased its holdings in Veeva Systems by 2.2% in 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 buying an additional 1,452 shares in the last quarter. Finally, Diversify Wealth Management LLC raised its position in shares of Veeva Systems by 5.3% in the second quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock worth $3,140,000 after acquiring an additional 575 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Robert W. Baird increased their target price on shares of Veeva Systems from $250.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, June 4th. Wells Fargo & Company increased their price target on Veeva Systems from $317.00 to $320.00 and gave the stock an "overweight" rating in a research report on Thursday, June 4th. Evercore reissued an "outperform" rating and issued a $185.00 price objective on shares of Veeva Systems in a report on Thursday, June 4th. UBS Group reduced their target price on Veeva Systems from $220.00 to $190.00 and set a "neutral" rating for the company in a research note on Thursday, June 4th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $225.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $247.08.

Veeva Systems Trading Up 1.1%

NYSE:VEEV opened at $206.11 on Tuesday. The company has a market cap of $33.48 billion, a P/E ratio of 36.74, a P/E/G ratio of 0.88 and a beta of 0.94. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50. The company's 50-day moving average price is $179.48 and its 200-day moving average price is $179.88.

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

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 the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The company had revenue of $882.95 million during the quarter, compared to analysts' expectations of $857.73 million. During the same quarter in the prior year, the company earned $1.97 EPS. Veeva Systems's revenue was up 16.3% compared to the same quarter last year. 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. On average, analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Veeva Systems 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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