Saudi Central Bank Boosts Stake in Veeva Systems Inc. $VEEV

Key Points

• Saudi Central Bank increased its Veeva Systems stake by 78.5% in the second quarter, bringing its holdings to 10,290 shares valued at approximately $1.83 million. Institutional investors collectively own 88.2% of the company.
• Analyst sentiment remains positive, with 19 Buy ratings, eight Holds and one Sell. Veeva has a “Moderate Buy” consensus rating and an average price target of $284.88, while several firms recently raised their targets.
• Veeva exceeded quarterly expectations, reporting $2.35 in earnings per share and $927.96 million in revenue, up 17.6% year over year. Shares opened at $265.11, while insider Thomas Schwenger sold 36,000 shares under a pre-arranged Rule 10b5-1 plan.

Saudi Central Bank increased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 78.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,290 shares of the technology company's stock after purchasing an additional 4,526 shares during the quarter. Saudi Central Bank's holdings in Veeva Systems were worth $1,826,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of VEEV. Angeles Wealth Management LLC bought a new position in shares of Veeva Systems in the second quarter worth about $206,000. Compass Financial Management LLC bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $27,000. AlphaGrep UK Ltd bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $324,000. Turner Financial Group Inc. purchased a new stake in Veeva Systems in the 2nd quarter worth approximately $234,000. Finally, Odyssean LLC raised its stake in Veeva Systems by 144.0% during the 2nd quarter. Odyssean LLC now owns 18,634 shares of the technology company's stock worth $3,307,000 after acquiring an additional 10,997 shares during the period. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on VEEV shares. Needham & Company LLC upped their price target on shares of Veeva Systems from $270.00 to $310.00 and gave the stock a "buy" rating in a research report on Thursday, August 27th. Mizuho boosted their price objective on Veeva Systems from $270.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Evercore restated an "outperform" rating and set a $185.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Wells Fargo & Company reissued an "overweight" rating and set a $330.00 price objective on shares of Veeva Systems in a report on Tuesday. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $225.00 target price on shares of Veeva Systems in a report on Thursday, June 4th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $284.88.

Insider Activity at Veeva Systems

In related news, insider Thomas 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 transaction, the insider directly owned 19,449 shares in the company, valued at approximately $4,866,723.27. This represents a 64.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.60% of the company's stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $265.11 on Wednesday. The stock has a market cap of $42.92 billion, a price-to-earnings ratio of 43.60, a price-to-earnings-growth ratio of 1.17 and a beta of 0.97. The stock has a 50 day moving average price of $224.19 and a 200-day moving average price of $189.32. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%.The company had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same quarter in the prior year, the firm posted $1.99 EPS. Veeva Systems's quarterly revenue was up 17.6% compared to the same quarter last year. 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 predict that Veeva Systems Inc. will post 6.7 earnings per share for the current fiscal year.

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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