Handelsbanken Fonder AB Sells 30,650 Shares of Veeva Systems Inc. $VEEV

Key Points

• Handelsbanken Fonder reduced its Veeva Systems stake by 39.7% in the second quarter, selling 30,650 shares and retaining 46,647 shares valued at approximately $8.28 million.
• Veeva reported stronger-than-expected quarterly results, with EPS of $2.24 versus a $2.14 consensus estimate and revenue of $882.95 million, up 16.3% year over year.
• Despite mixed analyst price-target changes, Wall Street maintains a “Moderate Buy” consensus with an average target of $247.08; institutional investors own 88.2% of Veeva’s stock.

Handelsbanken Fonder AB cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 39.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,647 shares of the technology company's stock after selling 30,650 shares during the quarter. Handelsbanken Fonder AB's holdings in Veeva Systems were worth $8,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Williams Jones Wealth Management LLC. raised its position in shares of Veeva Systems by 0.4% during the 3rd quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company's stock valued at $2,806,000 after buying an additional 40 shares in the last quarter. Rafferty Asset Management LLC grew its position in Veeva Systems by 0.7% in the second quarter. Rafferty Asset Management LLC now owns 6,881 shares of the technology company's stock worth $1,982,000 after acquiring an additional 51 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in Veeva Systems by 8.1% in the third quarter. Brown Brothers Harriman & Co. now owns 719 shares of the technology company's stock worth $214,000 after acquiring an additional 54 shares in the last quarter. Main Management ETF Advisors LLC increased its stake in Veeva Systems by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 5,481 shares of the technology company's stock valued at $1,224,000 after acquiring an additional 56 shares during the last quarter. Finally, Root Financial Partners LLC raised its position in Veeva Systems by 17.1% during the fourth quarter. Root Financial Partners LLC now owns 383 shares of the technology company's stock valued at $85,000 after purchasing an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 4.8%

VEEV opened at $253.17 on Friday. The company has a market cap of $41.12 billion, a P/E ratio of 45.13, a P/E/G ratio of 1.04 and a beta of 0.92. The business's 50-day moving average price is $188.55 and its 200-day moving average price is $180.40. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its 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. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The company had revenue of $882.95 million during the quarter, compared to analysts' expectations of $857.73 million. During the same period in the prior year, the business posted $1.97 EPS. Veeva Systems's quarterly 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. Equities research analysts forecast that Veeva Systems Inc. will post 6.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on VEEV. Robert W. Baird upped their price objective on Veeva Systems from $250.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Raymond James Financial reissued an "outperform" rating and set a $225.00 price objective on shares of Veeva Systems in a report on Thursday, June 4th. Stifel Nicolaus dropped their target price on Veeva Systems from $245.00 to $230.00 and set a "buy" rating for the company in a research report on Thursday, June 4th. Wells Fargo & Company increased their price target on shares of Veeva Systems from $317.00 to $320.00 and gave the company an "overweight" rating in a research report on Thursday, June 4th. Finally, UBS Group decreased their price target on shares of Veeva Systems from $220.00 to $190.00 and set a "neutral" rating on the stock 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 issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $247.08.

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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