Vanguard Group Inc. Trims Holdings in Veeva Systems Inc. $VEEV

Vanguard Group Inc. trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,368,868 shares of the technology company's stock after selling 60,363 shares during the quarter. Vanguard Group Inc. owned about 9.35% of Veeva Systems worth $3,430,792,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in VEEV. Alphinity Investment Management Pty Ltd purchased a new stake in Veeva Systems during the 3rd quarter valued at approximately $422,241,000. Durable Capital Partners LP purchased a new stake in Veeva Systems during the 2nd quarter valued at approximately $281,351,000. ABN AMRO Bank N.V. purchased a new stake in Veeva Systems during the 3rd quarter valued at approximately $246,625,000. AQR Capital Management LLC grew its holdings in Veeva Systems by 31.2% during 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 buying an additional 574,164 shares in the last quarter. Finally, Jensen Investment Management Inc. lifted its stake in Veeva Systems by 1,924.5% in the 3rd quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company's stock worth $123,100,000 after purchasing an additional 392,802 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Truist Financial reiterated a "buy" rating and issued a $262.00 price target (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. TD Cowen decreased their price target on shares of Veeva Systems from $380.00 to $300.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Zacks Research upgraded shares of Veeva Systems from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 15th. Weiss Ratings cut shares of Veeva Systems from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, January 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Veeva Systems from $330.00 to $296.00 and set an "overweight" rating on the stock in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $278.70.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $153.50, for a total transaction of $115,125.00. Following the completion of the sale, the director directly owned 4,003 shares of the company's stock, valued at approximately $614,460.50. The trade was a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 1.1%

Shares of VEEV opened at $158.61 on Wednesday. The firm has a market capitalization of $25.91 billion, a P/E ratio of 29.32, a P/E/G ratio of 0.72 and a beta of 1.10. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The firm has a fifty day moving average price of $175.69 and a 200-day moving average price of $218.09.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.12. The firm had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The business's revenue was up 16.0% on a year-over-year basis. During the same period in the previous 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. Analysts predict that Veeva Systems Inc. will post 6.41 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has initiated a share buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

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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