Rockland Trust Co. Reduces Holdings in Veeva Systems Inc. $VEEV

Key Points

• Rockland Trust reduced its Veeva Systems stake by 2.3% in the third quarter, selling 3,954 shares and retaining 169,806 shares valued at approximately $48.5 million. Institutional investors and hedge funds collectively own 88.2% of Veeva.
• Veeva reported quarterly EPS of $2.35, beating estimates of $2.23, while revenue rose 17.6% year over year to $927.96 million. The stock traded at $277.04, with a market capitalization of approximately $44.85 billion.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $284.88. However, insiders sold 46,750 shares worth roughly $12.0 million over the past 90 days.

Rockland Trust Co. lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 169,806 shares of the technology company's stock after selling 3,954 shares during the quarter. Veeva Systems makes up about 1.9% of Rockland Trust Co.'s investment portfolio, making the stock its 12th largest holding. Rockland Trust Co. owned 0.10% of Veeva Systems worth $48,471,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its position in Veeva Systems by 63.1% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 938 shares of the technology company's stock worth $268,000 after buying an additional 363 shares during the last quarter. CX Institutional lifted its position in shares of Veeva Systems by 72.3% in the third quarter. CX Institutional now owns 2,254 shares of the technology company's stock valued at $643,000 after buying an additional 946 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Veeva Systems by 57.5% in the third quarter. Versant Capital Management Inc now owns 690 shares of the technology company's stock valued at $197,000 after buying an additional 252 shares during the last quarter. Burkett Financial Services LLC bought a new position in shares of Veeva Systems during the 3rd quarter worth approximately $27,000. Finally, QRG Capital Management Inc. increased its holdings in shares of Veeva Systems by 8.6% during the 2nd quarter. QRG Capital Management Inc. now owns 16,280 shares of the technology company's stock worth $2,889,000 after acquiring an additional 1,284 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 36,000 shares of the company's stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $250.23, for a total transaction of $9,008,280.00. Following the completion of the sale, the insider owned 19,449 shares of the company's stock, valued at $4,866,723.27. This represents a 64.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the sale, the director owned 3,242 shares in the company, valued at $846,291.68. The trade was a 18.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 46,750 shares of company stock worth $12,017,360 in the last 90 days. 10.60% of the stock is owned by company insiders.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $3.71 during midday trading on Monday, reaching $277.04. The company's stock had a trading volume of 441,643 shares, compared to its average volume of 2,357,317. The company has a market cap of $44.85 billion, a P/E ratio of 45.56, a P/E/G ratio of 1.17 and a beta of 0.93. The business's 50 day moving average price is $252.60 and its two-hundred day moving average price is $200.16. Veeva Systems Inc. has a fifty-two week low of $148.05 and a fifty-two week high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The firm had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%.The company's revenue was up 17.6% on a year-over-year basis. During the same quarter last year, the company earned $1.99 EPS. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. Sell-side analysts forecast that Veeva Systems Inc. will post 6.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on VEEV. Jefferies Financial Group restated a "buy" rating and issued a $295.00 price target on shares of Veeva Systems in a research note on Thursday, August 27th. Canaccord Genuity Group upped their price objective on shares of Veeva Systems from $220.00 to $260.00 and gave the company a "hold" rating in a report on Thursday, August 27th. Wells Fargo & Company reissued an "overweight" rating and issued a $330.00 price objective on shares of Veeva Systems in a research report on Tuesday, September 8th. Mizuho raised their target price on shares of Veeva Systems from $270.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Finally, TD Cowen lifted their target price on shares of Veeva Systems from $235.00 to $283.00 and gave the stock a "buy" rating in a report on Monday, August 24th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $284.88.

Veeva Systems Profile

Veeva Systems Inc is a cloud software company that provides applications and services for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other organizations involved in developing, manufacturing and commercializing regulated products.

The company's product portfolio includes the Veeva Vault platform, which supports areas such as clinical operations, regulatory affairs, quality management, safety and medical communications. Veeva also offers commercial and customer relationship management applications, data and analytics products, and services designed to help life sciences companies manage relationships with healthcare professionals, oversee content and improve operational efficiency.

Founded in 2007, Veeva serves customers globally and has expanded its offerings from commercial software into research, development, manufacturing and quality processes.

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