Veeva Systems Inc. $VEEV Position Lowered by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its Veeva Systems position by 83.3% in the first quarter, selling 55,404 shares and retaining 11,129 shares valued at approximately $1.96 million.
• Veeva reported quarterly adjusted earnings of $2.24 per share and revenue of $882.95 million, surpassing analyst estimates; revenue increased 16.3% year over year.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $247.08, although several firms recently lowered their targets.

Bank of Nova Scotia trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 83.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,129 shares of the technology company's stock after selling 55,404 shares during the period. Bank of Nova Scotia's holdings in Veeva Systems were worth $1,955,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of VEEV. Principal Financial Group Inc. raised its holdings in shares of Veeva Systems by 7.0% during the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock worth $727,513,000 after purchasing an additional 271,252 shares during the period. State Street Corp boosted its position in shares of Veeva Systems by 2.4% during the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock worth $801,267,000 after buying an additional 85,695 shares during the period. Geode Capital Management LLC boosted its position in Veeva Systems by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 3,172,716 shares of the technology company's stock worth $706,442,000 after acquiring an additional 23,117 shares during the period. AQR Capital Management LLC grew its position in Veeva Systems by 31.2% in 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, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Veeva Systems by 12.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,728,089 shares of the technology company's stock worth $385,761,000 after buying an additional 189,093 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Up 3.3%

Shares of NYSE VEEV opened at $207.82 on Thursday. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The company has a market cap of $33.76 billion, a price-to-earnings ratio of 37.04, a P/E/G ratio of 0.87 and a beta of 0.94. The business has a fifty day simple moving average of $176.81 and a 200-day simple moving average of $180.51.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping analysts' consensus estimates of $2.14 by $0.10. The firm had revenue of $882.95 million for the quarter, compared to analysts' expectations of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.Veeva Systems's revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the business posted $1.97 EPS. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, sell-side analysts expect that Veeva Systems Inc. will post 6.65 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on VEEV. BMO Capital Markets cut their target price on Veeva Systems from $220.00 to $175.00 and set a "market perform" rating for the company in a research report on Thursday, June 4th. TD Cowen restated a "buy" rating on shares of Veeva Systems in a report on Thursday, June 4th. BTIG Research reaffirmed a "buy" rating and set a $340.00 target price on shares of Veeva Systems in a report on Thursday, June 4th. Piper Sandler dropped their price target on shares of Veeva Systems from $285.00 to $235.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $275.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $247.08.

• Veeva Systems NYSE: VEEV Stock a Buy: Cloud Software for Life Sciences

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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