Riverbridge Partners LLC Sells 22,426 Shares of Veeva Systems Inc. $VEEV

Key Points

• Riverbridge Partners LLC cut its Veeva Systems stake by 6.8% in the first quarter, selling 22,426 shares and leaving it with 307,717 shares worth about $54.1 million.
• Veeva Systems reported strong quarterly results, posting EPS of $2.24 versus $2.14 expected and revenue of $882.95 million, up 16.3% year over year.
• Despite some analyst price-target cuts, Wall Street remains broadly constructive on Veeva, with a Moderate Buy consensus and an average target price of $250.96.

Riverbridge Partners LLC decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 307,717 shares of the technology company's stock after selling 22,426 shares during the period. Veeva Systems comprises about 1.3% of Riverbridge Partners LLC's holdings, making the stock its 24th largest position. Riverbridge Partners LLC owned approximately 0.19% of Veeva Systems worth $54,054,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of VEEV. Robeco Institutional Asset Management B.V. lifted its holdings in Veeva Systems by 11.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company's stock worth $199,137,000 after acquiring an additional 90,703 shares during the period. Elo Mutual Pension Insurance Co grew its stake in Veeva Systems by 50.2% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 26,541 shares of the technology company's stock valued at $7,907,000 after purchasing an additional 8,869 shares during the period. Empire Life Investments Inc. increased its position in shares of Veeva Systems by 21.1% during the 4th quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company's stock valued at $8,272,000 after purchasing an additional 6,453 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Veeva Systems by 4.1% during the 3rd quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company's stock worth $1,770,071,000 after purchasing an additional 235,983 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Veeva Systems by 217.2% in the 4th quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company's stock worth $2,337,000 after buying an additional 7,169 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on VEEV shares. Stifel Nicolaus reduced their price target on shares of Veeva Systems from $245.00 to $230.00 and set a "buy" rating for the company in a research report on Thursday, June 4th. Barclays lowered their price objective on shares of Veeva Systems from $250.00 to $235.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Wells Fargo & Company boosted their target price on shares of Veeva Systems from $317.00 to $320.00 and gave the company an "overweight" rating in a research note on Thursday, June 4th. Evercore reissued an "outperform" rating and set a $185.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average target price of $250.96.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. The trade was a 18.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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.

Veeva Systems Stock Up 4.2%

NYSE VEEV opened at $159.57 on Wednesday. The company has a market cap of $25.92 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 0.66 and a beta of 0.95. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50. The firm's 50-day simple moving average is $163.64 and its two-hundred day simple moving average is $187.69.

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 the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The firm had revenue of $882.95 million during the quarter, compared to the consensus estimate of $857.73 million. During the same quarter last year, the company earned $1.97 earnings per share. The company'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 research analysts anticipate 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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