Panagora Asset Management Inc. Increases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Panagora Asset Management increased its Veeva Systems stake by 24.3% in the fourth quarter, adding 90,720 shares to bring its total to 464,214 shares worth about $103.6 million.
• Veeva reported better-than-expected quarterly results, with EPS of $2.24 on revenue of $882.95 million, while revenue rose 16.3% year over year.
• Analyst sentiment is mixed but mostly positive: Veeva has a Moderate Buy consensus, though Goldman Sachs cut its rating to sell and lowered its price target to $165.00.

Panagora Asset Management Inc. lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 24.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 464,214 shares of the technology company's stock after buying an additional 90,720 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.28% of Veeva Systems worth $103,626,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Raiffeisen Bank International AG acquired a new position in Veeva Systems during the third quarter worth about $28,000. Board of the Pension Protection Fund purchased a new stake in shares of Veeva Systems in the fourth quarter valued at about $27,000. Newbridge Financial Services Group Inc. grew its position in shares of Veeva Systems by 322.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock valued at $29,000 after purchasing an additional 100 shares during the last quarter. Activest Wealth Management grew its position in shares of Veeva Systems by 3,175.0% in the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company's stock valued at $29,000 after purchasing an additional 127 shares during the last quarter. Finally, BOK Financial Private Wealth Inc. purchased a new position in shares of Veeva Systems during the 4th quarter worth approximately $33,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction 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 completion of the sale, the director directly owned 3,253 shares of the company's stock, valued at $506,296.92. The trade was a 18.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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

Several brokerages recently issued reports on VEEV. The Goldman Sachs Group cut their price objective on Veeva Systems from $190.00 to $165.00 and set a "sell" rating for the company in a research report on Thursday, June 4th. Oppenheimer reissued an "outperform" rating and set a $225.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. Raymond James Financial reissued an "outperform" rating and issued a $225.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Needham & Company LLC restated a "buy" rating and issued a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. decreased their price objective on Veeva Systems from $330.00 to $296.00 and set an "overweight" rating on the stock in a research note on Friday, February 20th. Eighteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $250.96.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $159.44 on Monday. The firm has a market cap of $25.90 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 0.69 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. The firm's 50 day moving average price is $165.06 and its 200 day moving average price is $191.80.

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

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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