M&T Bank Corp Buys 61,910 Shares of Veeva Systems Inc. $VEEV

Key Points

• M&T Bank Corp boosted its stake in Veeva by 372.7%, buying an additional 61,910 shares in Q4 to hold 78,519 shares worth about $17.53 million.
• Veeva beat Q4 expectations with EPS of $2.06 (vs. $1.94 est.) and revenue of $835.95 million (up 16% year-over-year), and its board authorized a $2.0 billion share buyback (up to 5.5% of shares).
• Institutional investors own about 88.2% of Veeva, led by large positions from Vanguard and AQR, and analysts have an average rating of "Moderate Buy" with a $278.70 average target price.

M&T Bank Corp grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 372.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 78,519 shares of the technology company's stock after purchasing an additional 61,910 shares during the period. M&T Bank Corp's holdings in Veeva Systems were worth $17,528,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in VEEV. Alphinity Investment Management Pty Ltd bought a new stake in shares of Veeva Systems in the 3rd quarter worth $422,241,000. Durable Capital Partners LP bought a new stake in shares of Veeva Systems in the 2nd quarter worth $281,351,000. ABN AMRO Bank N.V. bought a new stake in shares of Veeva Systems in the 3rd quarter worth $246,625,000. AQR Capital Management LLC grew its stake in shares of Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company's stock worth $706,078,000 after acquiring an additional 574,164 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Veeva Systems by 3.1% in the 3rd 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 in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

VEEV opened at $156.19 on Friday. The firm has a 50-day moving average of $176.60 and a 200 day moving average of $222.10. Veeva Systems Inc. has a fifty-two week low of $148.05 and a fifty-two week high of $310.50. The firm has a market cap of $25.51 billion, a P/E ratio of 28.87, a PEG ratio of 1.08 and a beta of 1.10.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.12. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The business had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. During the same period in the prior year, the company earned $1.74 earnings per share. Veeva Systems's revenue was up 16.0% compared to the same quarter last year. 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 predict that Veeva Systems Inc. will post 6.41 earnings per share for the current fiscal year.

Veeva Systems declared that its Board of Directors has authorized a share repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. UBS Group upped their target price on Veeva Systems from $200.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. Barclays reduced their target price on Veeva Systems from $305.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. Canaccord Genuity Group reduced 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. Wall Street Zen lowered Veeva Systems from a "buy" rating to a "hold" rating in a report on Sunday, March 22nd. Finally, TD Cowen reduced their target price on Veeva Systems from $380.00 to $300.00 and set a "buy" rating for the company in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $278.70.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the stock in a transaction on Friday, April 10th. The stock was sold at an average price of $153.50, for a total transaction 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. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company 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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