Tredje AP fonden Sells 50,000 Shares of Veeva Systems Inc. $VEEV

Key Points

• Tredje AP fonden cut its Veeva Systems position by 55.2% in the fourth quarter, selling 50,000 shares and leaving it with 40,516 shares worth about $9.0 million.
• Veeva’s latest quarterly results beat expectations, with EPS of $2.06 and revenue of $835.95 million, up 16% year over year.
• Wall Street remains mostly positive on the stock: analysts have a Moderate Buy consensus, with 16 Buy ratings, nine Hold ratings, and a consensus target price of $276.52.

Tredje AP fonden decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 40,516 shares of the technology company's stock after selling 50,000 shares during the period. Tredje AP fonden's holdings in Veeva Systems were worth $9,044,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Veeva Systems by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company's stock valued at $4,596,522,000 after acquiring an additional 457,806 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Veeva Systems by 4.1% in the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company's stock valued at $1,770,071,000 after buying an additional 235,983 shares during the period. Principal Financial Group Inc. lifted its stake in Veeva Systems by 0.6% in the fourth quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company's stock valued at $863,978,000 after buying an additional 23,416 shares during the period. State Street Corp lifted its stake in Veeva Systems by 2.2% in the third quarter. State Street Corp now owns 3,503,730 shares of the technology company's stock valued at $1,043,796,000 after buying an additional 76,397 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Veeva Systems by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company's stock valued at $1,035,622,000 after buying an additional 159,984 shares during the period. Institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on VEEV. Zacks Research lowered Veeva Systems from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 14th. Barclays cut their target price on Veeva Systems from $305.00 to $250.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 25th. UBS Group increased their target price on Veeva Systems from $200.00 to $220.00 and gave the company a "neutral" rating in a research note on Thursday, March 5th. TD Cowen cut their target price on Veeva Systems from $380.00 to $300.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Finally, Oppenheimer cut their target price on Veeva Systems from $275.00 to $225.00 and set an "outperform" rating on the stock in a research note on Monday. Sixteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $276.52.

Veeva Systems Price Performance

NYSE VEEV opened at $163.27 on Wednesday. The firm has a market cap of $26.67 billion, a P/E ratio of 30.18, a P/E/G ratio of 0.73 and a beta of 0.92. The stock's 50-day moving average is $170.17 and its 200-day moving average is $206.42. 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, March 4th. The technology company reported $2.06 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.12. The company had revenue of $835.95 million for the quarter, compared to analyst estimates 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 was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm posted $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. Equities analysts anticipate that Veeva Systems Inc. will post 6.41 EPS for the current year.

Insider Activity at Veeva Systems

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

Veeva Systems Company 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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