Veeva Systems Inc. $VEEV Holdings Raised by Assetmark Inc.

Key Points

• Assetmark Inc. boosted its stake by 21.0% in Veeva to 131,041 shares (≈$29.25M), and institutional investors now own about 88.20% of the company.
• Veeva beat quarterly estimates with $2.06 EPS vs. $1.94 expected and revenue of $835.95M (up ~16.0% year-over-year), and its board approved a $2.00 billion share buyback (up to 5.5% of shares).
• Director Priscilla Hung sold 750 shares at $153.50 under a Rule 10b5-1 plan (a 15.78% reduction in her holding); corporate insiders own about 10.30% of Veeva.

Assetmark Inc. boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,041 shares of the technology company's stock after buying an additional 22,747 shares during the quarter. Assetmark Inc. owned approximately 0.08% of Veeva Systems worth $29,252,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Third View Private Wealth LLC purchased a new stake in Veeva Systems in the 4th quarter worth approximately $1,268,000. Dara Capital US Inc. purchased a new stake in Veeva Systems in the 4th quarter worth approximately $414,000. Brown Lisle Cummings Inc. lifted its position in Veeva Systems by 2.9% in the 4th quarter. Brown Lisle Cummings Inc. now owns 18,763 shares of the technology company's stock worth $4,188,000 after buying an additional 525 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Veeva Systems by 11.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company's stock worth $199,137,000 after buying an additional 90,703 shares in the last quarter. Finally, Trilogy Capital Inc. raised its holdings in shares of Veeva Systems by 51.3% during the 4th quarter. Trilogy Capital Inc. now owns 16,914 shares of the technology company's stock valued at $3,776,000 after purchasing an additional 5,734 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated 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 transaction, the director directly owned 4,003 shares of the company's stock, valued at $614,460.50. This trade represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

NYSE:VEEV opened at $167.45 on Thursday. The company has a 50-day moving average of $178.53 and a 200-day moving average of $227.08. The company has a market capitalization of $27.35 billion, a price-to-earnings ratio of 30.95, a PEG ratio of 1.04 and a beta of 1.10. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. During the same period last year, the firm earned $1.74 EPS. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. 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 4.35 EPS for the current year.

Veeva Systems announced that its Board of Directors has approved a stock repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VEEV. Morgan Stanley raised their price target on shares of Veeva Systems from $205.00 to $215.00 and gave the company an "equal weight" rating in a report on Thursday, March 5th. TD Cowen cut their price target on shares of Veeva Systems from $380.00 to $300.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Wall Street Zen downgraded shares of Veeva Systems from a "buy" rating to a "hold" rating in a report on Sunday, March 22nd. UBS Group raised their price target on shares of Veeva Systems from $200.00 to $220.00 and gave the company a "neutral" rating in a report on Thursday, March 5th. Finally, Canaccord Genuity Group cut their price target on shares of Veeva Systems from $280.00 to $235.00 and set a "hold" rating on the stock in a report on Thursday, March 5th. Sixteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $278.70.

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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