TimesSquare Capital Management LLC Sells 21,265 Shares of Veeva Systems Inc. $VEEV

Key Points

• TimesSquare Capital Management trimmed its Veeva Systems stake by 4.9% in the fourth quarter, selling 21,265 shares and ending with 411,769 shares worth about $91.9 million.
• Veeva reported stronger-than-expected quarterly results, posting EPS of $2.06 on revenue of $835.95 million, both ahead of estimates, with revenue up 16% year over year.
• Analysts remain mixed but mostly constructive: several firms cut price targets and ratings, yet the consensus view is still “Moderate Buy” with a $276.52 average price target.

TimesSquare Capital Management LLC decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 411,769 shares of the technology company's stock after selling 21,265 shares during the period. Veeva Systems accounts for 1.4% of TimesSquare Capital Management LLC's portfolio, making the stock its 15th largest position. TimesSquare Capital Management LLC owned 0.25% of Veeva Systems worth $91,919,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC boosted its holdings in Veeva Systems by 0.3% in the third quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company's stock valued at $3,707,000 after acquiring an additional 35 shares during the last quarter. Personal CFO Solutions LLC boosted its holdings in Veeva Systems by 3.5% in the third quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company's stock valued at $346,000 after acquiring an additional 39 shares during the last quarter. AFT Forsyth & Company Inc. boosted its holdings in Veeva Systems by 4.2% in the third quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company's stock valued at $293,000 after acquiring an additional 40 shares during the last quarter. Williams Jones Wealth Management LLC. boosted its holdings in Veeva Systems by 0.4% in the third quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company's stock valued at $2,806,000 after acquiring an additional 40 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Veeva Systems by 0.7% in the third quarter. CIBC Asset Management Inc now owns 6,821 shares of the technology company's stock valued at $2,032,000 after acquiring an additional 45 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 3.2%

NYSE:VEEV opened at $163.98 on Tuesday. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50. The stock has a market cap of $26.78 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 0.71 and a beta of 0.92. The stock has a 50-day moving average price of $170.83 and a two-hundred day moving average price of $207.29.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.12. The company had revenue of $835.95 million during the quarter, compared to analysts' expectations of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.Veeva Systems's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.74 earnings per share. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Sell-side analysts forecast that Veeva Systems Inc. will post 6.41 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup cut Veeva Systems from a "buy" rating to a "neutral" rating and decreased their price target for the company from $291.00 to $176.00 in a report on Friday, April 10th. Wall Street Zen cut Veeva Systems from a "buy" rating to a "hold" rating in a research note on Sunday, March 22nd. JPMorgan Chase & Co. decreased their price objective on Veeva Systems from $330.00 to $296.00 and set an "overweight" rating for the company in a research note on Friday, February 20th. Royal Bank Of Canada decreased their price objective on Veeva Systems from $330.00 to $275.00 and set an "outperform" rating for the company in a research note on Thursday, March 5th. Finally, Oppenheimer decreased their price objective on Veeva Systems from $275.00 to $225.00 and set an "outperform" rating for the company in a research note on Monday. Sixteen equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $276.52.

Insider Buying and Selling at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of the company's stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the transaction, the director directly owned 3,253 shares of the company's stock, valued at $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by corporate insiders.

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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