Integrated Wealth Concepts LLC Sells 4,720 Shares of Veeva Systems Inc. $VEEV

Key Points

• Integrated Wealth Concepts LLC cut its Veeva Systems stake by 58.4% in the second quarter, selling 4,720 shares and retaining 3,359 shares worth approximately $596,000.
• Veeva reported stronger-than-expected quarterly results, with earnings of $2.35 per share and revenue of $927.96 million, up 17.6% year over year.
• Wall Street remains broadly positive: 19 analysts rate the stock a Buy, with a consensus target price of $284.88, while several firms recently raised their targets to between $305 and $340.

Integrated Wealth Concepts LLC lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 58.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,359 shares of the technology company's stock after selling 4,720 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Veeva Systems were worth $596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in VEEV. Norges Bank bought a new stake in Veeva Systems during the 4th quarter valued at $332,412,000. Fundsmith LLP purchased a new stake in shares of Veeva Systems during the second quarter valued at about $144,955,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Veeva Systems by 203.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company's stock valued at $160,427,000 after buying an additional 611,868 shares in the last quarter. Swedbank AB grew its position in shares of Veeva Systems by 43.5% in the 1st quarter. Swedbank AB now owns 1,645,128 shares of the technology company's stock worth $288,983,000 after buying an additional 498,971 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in shares of Veeva Systems by 43.6% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company's stock worth $279,970,000 after acquiring an additional 483,720 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $260.36 on Monday. The business's 50 day moving average price is $235.86 and its 200 day moving average price is $194.06. The company has a market cap of $42.16 billion, a price-to-earnings ratio of 42.82, a PEG ratio of 1.11 and a beta of 0.97. 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 issued its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $927.96 million during the quarter, compared to analysts' expectations of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%.The company's revenue was up 17.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.99 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. On average, analysts predict that Veeva Systems Inc. will post 6.7 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas Schwenger sold 36,000 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $250.23, for a total transaction of $9,008,280.00. Following the sale, the insider owned 19,449 shares in the company, valued at approximately $4,866,723.27. This trade represents a 64.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of the company's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the sale, the director owned 3,242 shares of the company's stock, valued at approximately $846,291.68. The trade was a 18.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 46,750 shares of company stock valued at $12,017,360. Company insiders own 10.60% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on VEEV. Truist Financial increased their price objective on Veeva Systems from $262.00 to $305.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $330.00 target price on shares of Veeva Systems in a research report on Tuesday, September 8th. BTIG Research reissued a "buy" rating and issued a $340.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Guggenheim boosted their price target on Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. Finally, Royal Bank Of Canada increased their price objective on shares of Veeva Systems from $275.00 to $325.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Nineteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $284.88.

Veeva Systems Company Profile

Veeva Systems Inc is a cloud software company that provides technology solutions for the life sciences industry, including pharmaceutical, biotechnology, medical device and related organizations. Its applications are designed to support functions across the product lifecycle, from research and clinical development through regulatory approval, manufacturing, quality management and commercial operations.

The company's Veeva Vault platform includes applications for clinical data management, electronic trial management, regulatory information, quality processes, safety operations and commercial content management.

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