Swiss National Bank Purchases 31,600 Shares of Veeva Systems Inc. $VEEV

Key Points

• Swiss National Bank increased its Veeva Systems stake by 7.4% in Q1, buying 31,600 more shares and bringing its total holding to 458,300 shares worth about $80.5 million.
• Veeva’s latest quarterly results beat expectations, with EPS of $2.24 versus $2.14 estimated and revenue of $882.95 million versus $857.73 million expected, up 16.3% year over year.
• Analyst sentiment remains mixed: the stock has a Moderate Buy consensus, but Goldman Sachs cut its target and assigned a sell rating, while the average price target stands at $247.74.

Swiss National Bank lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 458,300 shares of the technology company's stock after buying an additional 31,600 shares during the quarter. Swiss National Bank owned about 0.28% of Veeva Systems worth $80,505,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of VEEV. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock valued at $727,513,000 after buying an additional 271,252 shares during the period. State Street Corp grew its holdings in Veeva Systems by 2.4% during the 4th quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock worth $801,267,000 after acquiring an additional 85,695 shares during the period. Geode Capital Management LLC raised its position 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 worth $706,442,000 after acquiring an additional 23,117 shares in the last quarter. AQR Capital Management LLC raised its position 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 worth $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 stake in shares of 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 valued at $385,761,000 after purchasing an additional 189,093 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

VEEV stock opened at $189.46 on Wednesday. The stock's 50 day simple moving average is $173.03 and its 200 day simple moving average is $182.13. The company has a market cap of $30.78 billion, a P/E ratio of 33.77, a price-to-earnings-growth ratio of 0.85 and a beta of 0.94. 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 announced its quarterly earnings data on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, beating analysts' consensus estimates of $2.14 by $0.10. The firm had revenue of $882.95 million during the quarter, compared to analysts' expectations of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The company's revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter last year, the firm 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. Equities analysts predict that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Insider Activity

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction 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 sale, the director owned 3,253 shares of the company's stock, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Several equities research analysts recently commented on VEEV shares. The Goldman Sachs Group decreased their target price on Veeva Systems from $190.00 to $165.00 and set a "sell" rating for the company in a research note on Thursday, June 4th. Weiss Ratings raised shares of Veeva Systems from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, July 10th. TD Cowen reiterated a "buy" rating on shares of Veeva Systems in a research note on Thursday, June 4th. Canaccord Genuity Group dropped 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 report on Thursday, June 4th. Finally, Citigroup increased their target price on shares of Veeva Systems from $176.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, June 4th. Eighteen equities research 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's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $247.74.

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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