Man Group plc Buys 315,139 Shares of Veeva Systems Inc. $VEEV

Key Points

• Man Group plc increased its Veeva Systems stake by 78.6% in the fourth quarter, buying 315,139 shares and lifting its holdings to 715,977 shares valued at about $159.8 million.
• Veeva Systems reported solid quarterly results, with EPS of $2.24 and revenue of $882.95 million, both above analyst expectations, while revenue rose 16.3% year over year.
• Despite the strong earnings, the stock was down 5.4% and trading near $154.48, while analysts remained broadly positive with a consensus rating of Moderate Buy and an average target price of $250.96.

Man Group plc boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 78.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 715,977 shares of the technology company's stock after acquiring an additional 315,139 shares during the period. Man Group plc owned 0.44% of Veeva Systems worth $159,828,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Veeva Systems by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company's stock worth $4,596,522,000 after acquiring an additional 457,806 shares during the period. Alliancebernstein L.P. raised its position in Veeva Systems by 4.1% in the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company's stock worth $1,770,071,000 after acquiring an additional 235,983 shares during the period. Principal Financial Group Inc. raised its position in Veeva Systems by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company's stock worth $863,978,000 after acquiring an additional 23,416 shares during the period. State Street Corp raised its position in Veeva Systems by 2.4% in the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock worth $801,267,000 after acquiring an additional 85,695 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company's stock valued at $1,035,622,000 after purchasing an additional 159,984 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Down 5.4%

Veeva Systems stock opened at $154.48 on Thursday. The firm's 50 day simple moving average is $164.20 and its 200 day simple moving average is $190.10. The firm has a market capitalization of $25.09 billion, a PE ratio of 27.54, a price-to-earnings-growth ratio of 0.70 and a beta of 0.95. Veeva Systems Inc. has a 1-year low of $148.05 and a 1-year high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.10. The business had revenue of $882.95 million for the quarter, compared to analyst estimates of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. Veeva Systems's revenue was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.97 EPS. 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. Research analysts forecast that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VEEV. BNP Paribas Exane reissued an "outperform" rating and issued a $285.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. BTIG Research reissued a "buy" rating and issued a $340.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. Evercore reissued an "outperform" rating and issued a $185.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. Wells Fargo & Company boosted 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, BMO Capital Markets lowered their price target on shares of Veeva Systems from $220.00 to $175.00 and set a "market perform" rating on the stock in a research report on Thursday, June 4th. Eighteen investment 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, the company presently has a consensus rating of "Moderate Buy" and an average target price of $250.96.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 750 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total transaction of $116,730.00. Following the sale, the director owned 3,253 shares of the company's stock, valued at approximately $506,296.92. This represents a 18.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.60% 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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