Legal & General Group Plc Purchases 78,621 Shares of Veeva Systems Inc. $VEEV

Key Points

• Legal & General Group Plc increased its Veeva Systems stake by 8.4% in the fourth quarter, buying 78,621 more shares and bringing its total holding to 1,018,505 shares worth about $227.4 million.
• Veeva recently reported strong quarterly results, with earnings of $2.06 per share and revenue of $835.95 million, both ahead of analyst expectations, while revenue rose 16% year over year.
• Analyst sentiment remains mixed but generally positive: Veeva has a Moderate Buy consensus, though some firms cut price targets and one downgraded the stock to neutral.

Legal & General Group Plc boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,018,505 shares of the technology company's stock after purchasing an additional 78,621 shares during the period. Legal & General Group Plc owned about 0.62% of Veeva Systems worth $227,361,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in VEEV. GPS Wealth Strategies Group LLC increased its holdings in Veeva Systems by 196.4% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company's stock worth $25,000 after purchasing an additional 55 shares in the last quarter. Board of the Pension Protection Fund bought a new position in Veeva Systems during the 4th quarter worth about $27,000. Raiffeisen Bank International AG bought a new position in Veeva Systems during the 3rd quarter worth about $28,000. Newbridge Financial Services Group Inc. increased its holdings in Veeva Systems by 322.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock worth $29,000 after purchasing an additional 100 shares in the last quarter. Finally, Activest Wealth Management increased its holdings in Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of the stock in a transaction dated 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 transaction, the director directly owned 3,253 shares in the company, valued at $506,296.92. This represents a 18.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of research reports. Royal Bank Of Canada lowered their target price on Veeva Systems from $330.00 to $275.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Canaccord Genuity Group lowered their target price on Veeva Systems from $280.00 to $235.00 and set a "hold" rating for the company in a report on Thursday, March 5th. Stifel Nicolaus increased their target price on Veeva Systems from $212.00 to $245.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Citigroup cut Veeva Systems from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $291.00 to $176.00 in a report on Friday, April 10th. Finally, Truist Financial reiterated a "buy" rating and set a $262.00 target price (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. Sixteen investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $276.52.

Veeva Systems Price Performance

Veeva Systems stock opened at $158.69 on Thursday. The firm has a 50-day moving average of $167.03 and a 200-day moving average of $200.87. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50. The company has a market cap of $25.92 billion, a price-to-earnings ratio of 29.33, a P/E/G ratio of 0.70 and a beta of 0.92.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. During the same period in the prior year, the business posted $1.74 EPS. The company's quarterly revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, sell-side analysts expect that Veeva Systems Inc. will post 6.45 earnings per share for the current year.

Veeva Systems Company 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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