Kornitzer Capital Management Inc. KS Decreases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Kornitzer Capital Management reduced its Veeva position by 22.5% in Q4, selling 21,000 shares and finishing the period with 72,181 shares worth $16.113 million.
• Veeva beat quarterly estimates (EPS $2.06 vs $1.94; revenue $835.95M, +16% y/y) and its board approved a $2.0 billion share buyback to repurchase up to 5.5% of outstanding shares.
• Analysts have adjusted targets but remain largely positive, with a consensus price target of $278.70 and an overall "Moderate Buy" rating mix.

Kornitzer Capital Management Inc. KS reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 22.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,181 shares of the technology company's stock after selling 21,000 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Veeva Systems were worth $16,113,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. GPS Wealth Strategies Group LLC increased its stake in Veeva Systems by 196.4% in the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company's stock valued at $25,000 after purchasing an additional 55 shares during the period. Board of the Pension Protection Fund acquired a new position in shares of Veeva Systems during the fourth quarter worth about $27,000. Raiffeisen Bank International AG acquired a new position in shares of Veeva Systems during the third quarter worth about $28,000. Newbridge Financial Services Group Inc. increased its stake in shares of Veeva Systems by 322.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock worth $29,000 after acquiring an additional 100 shares during the period. Finally, Activest Wealth Management increased its stake in shares of Veeva Systems by 3,175.0% during the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after acquiring an additional 127 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $153.50, for a total transaction of $115,125.00. Following the transaction, the director owned 4,003 shares of the company's stock, valued at approximately $614,460.50. This trade represents a 15.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank Of Canada lowered their target price on shares of Veeva Systems from $330.00 to $275.00 and set an "outperform" rating on the stock in a research report on Thursday, March 5th. Piper Sandler reduced their price target on shares of Veeva Systems from $355.00 to $285.00 and set an "overweight" rating on the stock in a report on Thursday, March 5th. UBS Group upped their price objective on shares of Veeva Systems from $200.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday, March 5th. Morgan Stanley upped their price objective on shares of Veeva Systems from $205.00 to $215.00 and gave the company an "equal weight" rating in a research note on Thursday, March 5th. Finally, Wall Street Zen downgraded shares of Veeva Systems from a "buy" rating to a "hold" rating in a research note on Sunday, March 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $278.70.

Veeva Systems Trading Up 10.1%

Shares of VEEV stock opened at $171.70 on Friday. The company's fifty day simple moving average is $174.70 and its 200-day simple moving average is $217.25. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50. The company has a market cap of $28.04 billion, a PE ratio of 31.74, a P/E/G ratio of 0.70 and a beta of 0.93.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.12. The business had revenue of $835.95 million for the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The business's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.74 EPS. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Equities research analysts expect that Veeva Systems Inc. will post 6.41 EPS for the current fiscal year.

Veeva Systems declared that its Board of Directors has approved a share buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 5.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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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