Sellaronda Global Management LP Makes New $19.32 Million Investment in Veeva Systems Inc. $VEEV

Key Points

• Sellaronda Global Management LP opened a new position in Veeva Systems, buying 110,000 shares worth about $19.3 million in the first quarter. The stake makes Veeva one of its largest holdings.
• Veeva reported strong quarterly results, with earnings of $2.24 per share beating estimates and revenue of $882.95 million topping expectations. Revenue rose 16.3% year over year.
• Despite the earnings beat, VEEV shares fell 2.8% and were trading at $179.36. Wall Street remains constructive overall, with a consensus rating of Moderate Buy and an average price target of $247.08.

Sellaronda Global Management LP purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 110,000 shares of the technology company's stock, valued at approximately $19,323,000. Veeva Systems comprises 12.7% of Sellaronda Global Management LP's investment portfolio, making the stock its 3rd biggest position. Sellaronda Global Management LP owned approximately 0.07% of Veeva Systems as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of VEEV. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock worth $727,513,000 after acquiring an additional 271,252 shares in the last quarter. State Street Corp increased its holdings in shares of Veeva Systems by 2.4% during the 4th quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock valued at $801,267,000 after acquiring an additional 85,695 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Veeva Systems by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 3,172,716 shares of the technology company's stock valued at $706,442,000 after acquiring an additional 23,117 shares in the last quarter. AQR Capital Management LLC raised 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 valued at $706,078,000 after acquiring an additional 574,164 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Veeva Systems by 12.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,728,089 shares of the technology company's stock worth $385,761,000 after purchasing an additional 189,093 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Down 2.8%

Shares of VEEV stock opened at $179.36 on Friday. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The firm has a market cap of $29.14 billion, a PE ratio of 31.97, a price-to-earnings-growth ratio of 0.79 and a beta of 0.94. The stock has a 50 day moving average of $174.05 and a 200-day moving average of $181.57.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.10. The business had revenue of $882.95 million for the quarter, compared to the consensus estimate of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. Veeva Systems's quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the company posted $1.97 earnings per share. 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 fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on VEEV shares. Stifel Nicolaus lowered their price target on Veeva Systems from $245.00 to $230.00 and set a "buy" rating on the stock in a report on Thursday, June 4th. Wells Fargo & Company boosted their price objective on shares of Veeva Systems from $317.00 to $320.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Canaccord Genuity Group lowered their target price on shares of Veeva Systems from $235.00 to $220.00 and set a "hold" rating on the stock in a research note on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating on shares of Veeva Systems in a report on Monday. Finally, Guggenheim began coverage on shares of Veeva Systems in a research report on Thursday. They set a "buy" rating and a $232.00 target price for the company. Nineteen equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $247.08.

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the company's stock in a transaction dated 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 transaction, the director owned 3,253 shares of the company's stock, valued at approximately $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company's stock.

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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