Third View Private Wealth LLC Sells 3,341 Shares of Veeva Systems Inc. $VEEV

Key Points

• Third View Private Wealth cut its Veeva Systems stake by 60.1% in the third quarter, selling 3,341 shares and retaining 2,220 shares valued at about $634,000.
• Veeva reported quarterly earnings of $2.35 per share and revenue of $927.96 million, beating analyst estimates; revenue increased 17.6% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $293.21; 19 analysts rated the shares Buy, eight Hold, and one Sell.

Third View Private Wealth LLC lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 60.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,220 shares of the technology company's stock after selling 3,341 shares during the period. Third View Private Wealth LLC's holdings in Veeva Systems were worth $634,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Provenance Wealth Advisors LLC raised its stake in Veeva Systems by 2,192.0% in the third quarter. Provenance Wealth Advisors LLC now owns 573 shares of the technology company's stock worth $164,000 after buying an additional 548 shares in the last quarter. IPG Investment Advisors LLC purchased a new stake in Veeva Systems during the third quarter worth $2,318,000. BOCHK Asset Management Ltd lifted its holdings in Veeva Systems by 1,320,000.0% during the third quarter. BOCHK Asset Management Ltd now owns 26,402 shares of the technology company's stock worth $7,536,000 after buying an additional 26,400 shares during the period. Greenleaf Trust boosted its position in Veeva Systems by 16.2% during the 3rd quarter. Greenleaf Trust now owns 1,700 shares of the technology company's stock valued at $485,000 after acquiring an additional 237 shares in the last quarter. Finally, Leonard Rickey Investment Advisors P.L.L.C. bought a new stake in Veeva Systems during the 3rd quarter valued at $293,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Up 2.5%

Shares of VEEV opened at $310.79 on Thursday. The firm has a market cap of $50.32 billion, a PE ratio of 51.12, a P/E/G ratio of 1.29 and a beta of 0.89. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $325.99. The stock has a fifty day moving average price of $287.53 and a 200-day moving average price of $211.07.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, topping 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 firm had revenue of $927.96 million for the quarter, compared to the consensus estimate of $905.38 million. During the same period in the previous year, the business earned $1.99 EPS. The firm's revenue for the quarter was up 17.6% on a year-over-year basis. 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. As a group, research analysts forecast that Veeva Systems Inc. will post 6.70 EPS for the current year.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 5,198 shares of the firm's stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $299.72, for a total value of $1,557,944.56. Following the completion of the transaction, the senior vice president owned 4,130 shares of the company's stock, valued at approximately $1,237,843.60. This trade represents a 55.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Thomas D. Schwenger sold 10,000 shares of Veeva Systems stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the sale, the insider owned 19,449 shares of the company's stock, valued at $5,471,587.17. The trade was a 33.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 56,789 shares of company stock worth $14,913,889 in the last quarter. 10.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on VEEV shares. Citigroup boosted their target price on shares of Veeva Systems from $190.00 to $273.00 and gave the stock a "neutral" rating in a report on Friday, August 28th. BMO Capital Markets increased their price target on shares of Veeva Systems from $175.00 to $270.00 and gave the company a "market perform" rating in a research report on Thursday, August 27th. Truist Financial raised their price target on shares of Veeva Systems from $262.00 to $305.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Robert W. Baird lifted their price objective on shares of Veeva Systems from $300.00 to $350.00 and gave the stock an "outperform" rating in a research report on Monday, October 26th. Finally, Canaccord Genuity Group boosted their price objective on shares of Veeva Systems from $220.00 to $260.00 and gave the stock a "hold" rating in a research note on Thursday, August 27th. Nineteen research 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $293.21.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

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