Veeva Systems Inc. $VEEV Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Veeva Systems stake by 2.5% in the first quarter, selling 37,542 shares and retaining 1.47 million shares worth approximately $258.1 million. Institutional investors and hedge funds collectively own 88.2% of Veeva.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $247.08, despite some firms lowering their targets.
• Veeva reported stronger-than-expected quarterly results, posting $2.24 in adjusted earnings per share and $882.95 million in revenue, up 16.3% year over year.

Bank of America Corp DE trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,469,469 shares of the technology company's stock after selling 37,542 shares during the quarter. Bank of America Corp DE owned about 0.90% of Veeva Systems worth $258,127,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Edgestream Partners L.P. bought a new stake in Veeva Systems during the 1st quarter valued at $5,593,000. Janus Henderson Group PLC grew its stake in shares of Veeva Systems by 2.0% in the first quarter. Janus Henderson Group PLC now owns 16,038 shares of the technology company's stock worth $2,817,000 after purchasing an additional 320 shares in the last quarter. Cim LLC increased its holdings in shares of Veeva Systems by 1.2% during the first quarter. Cim LLC now owns 5,778 shares of the technology company's stock valued at $1,015,000 after purchasing an additional 66 shares during the period. Bull Harbor Capital LLC acquired a new position in shares of Veeva Systems during the first quarter valued at $874,000. Finally, Arkadios Wealth Advisors raised its stake in shares of Veeva Systems by 9.4% during the first quarter. Arkadios Wealth Advisors now owns 4,007 shares of the technology company's stock valued at $704,000 after purchasing an additional 345 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Veeva Systems from $285.00 to $235.00 and set an "overweight" rating for the company in a report on Thursday, June 4th. Citigroup boosted their price target on shares of Veeva Systems from $176.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Raymond James Financial reaffirmed an "outperform" rating and issued a $225.00 price target on shares of Veeva Systems in a research note on Thursday, June 4th. Stifel Nicolaus decreased their price objective on shares of Veeva Systems from $245.00 to $230.00 and set a "buy" rating for the company in a report on Thursday, June 4th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $275.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $247.08.

Veeva Systems Trading Up 1.1%

NYSE:VEEV opened at $206.11 on Tuesday. The company has a 50-day moving average of $179.48 and a 200-day moving average of $179.88. The firm has a market cap of $33.48 billion, a price-to-earnings ratio of 36.74, a price-to-earnings-growth ratio of 0.88 and a beta of 0.94. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50.

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

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The business had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. During the same period in the prior year, the business earned $1.97 earnings per share. The business's quarterly revenue was up 16.3% on a year-over-year basis. 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. On average, research analysts forecast that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

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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