Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Grows Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its stake in Veeva Systems by 3.6% in Q4 to 665,439 shares, representing about 0.40% of Veeva and roughly 1.3% of the firm’s portfolio (its 25th largest holding).
• Veeva beat Q4 estimates with $2.06 EPS (vs. $1.94) and $835.95M revenue (up 16% YoY), and the board approved a $2.0 billion share buyback (up to 5.5% of shares).
• Analysts have trimmed price targets recently; consensus is a “Moderate Buy” with an average target of $278.70, though several firms cut targets significantly (e.g., Citigroup downgraded to neutral with a $176 target).

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 665,439 shares of the technology company's stock after buying an additional 22,837 shares during the period. Veeva Systems makes up about 1.3% of Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's portfolio, making the stock its 25th largest position. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned approximately 0.40% of Veeva Systems worth $144,979,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of VEEV. Sivia Capital Partners LLC lifted 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 during the last quarter. Bank of Nova Scotia boosted its holdings in Veeva Systems by 44.5% in the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock worth $1,689,000 after acquiring an additional 1,806 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in Veeva Systems by 34.6% in the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock worth $2,543,000 after acquiring an additional 2,272 shares in the last quarter. Treasurer of the State of North Carolina raised its position in shares of Veeva Systems by 2.2% in the 2nd 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 purchasing an additional 1,452 shares during the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in Veeva Systems by 5.3% in the 2nd quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock worth $3,140,000 after purchasing an additional 575 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wells Fargo & Company cut their price target on shares of Veeva Systems from $333.00 to $317.00 and set an "overweight" rating on the stock in a research note on Thursday, March 5th. Royal Bank Of Canada dropped their price objective on shares of Veeva Systems from $330.00 to $275.00 and set an "outperform" rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. cut their target price on Veeva Systems from $330.00 to $296.00 and set an "overweight" rating on the stock in a research report on Friday, February 20th. TD Cowen lowered their price target on Veeva Systems from $380.00 to $300.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Finally, Citigroup lowered Veeva Systems from a "buy" rating to a "neutral" rating and cut their price objective for the company from $291.00 to $176.00 in a report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $278.70.

Veeva Systems Price Performance

NYSE VEEV opened at $163.46 on Thursday. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50. The company has a market capitalization of $26.70 billion, a PE ratio of 30.21, a P/E/G ratio of 1.10 and a beta of 1.10. The company has a fifty day moving average of $176.91 and a 200 day moving average of $222.56.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.12. The company had revenue of $835.95 million for the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the firm earned $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. Research analysts expect that Veeva Systems Inc. will post 6.41 earnings per share for the current year.

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

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $153.50, for a total value of $115,125.00. Following the completion of the transaction, the director directly owned 4,003 shares of the company's stock, valued at approximately $614,460.50. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.30% of the company's stock.

About Veeva Systems

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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