Veeva Systems Inc. $VEEV Shares Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden Corp reduced its stake in Veeva Systems by 20.4%, ending the 2nd quarter with a total of 29,874 shares valued at approximately $8.6 million.
• Veeva Systems missed Q2 earnings expectations, reporting $1.26 earnings per share against a consensus estimate of $1.90, while revenues of $789.08 million exceeded forecasts.
• Several institutional investors notably increased their positions in Veeva Systems during the first quarter, with Price T Rowe Associates expanding its stake by 20.9% to hold nearly 4 million shares valued at over $924 million.

Boston Trust Walden Corp lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,874 shares of the technology company's stock after selling 7,671 shares during the period. Boston Trust Walden Corp's holdings in Veeva Systems were worth $8,603,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Nuveen LLC acquired a new position in Veeva Systems during the first quarter worth approximately $365,684,000. Price T Rowe Associates Inc. MD increased its position in Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after buying an additional 689,700 shares during the period. Linonia Partnership LP increased its position in Veeva Systems by 52.7% during the first quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Veeva Systems by 48.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock worth $416,918,000 after buying an additional 585,785 shares during the period. Finally, Alliancebernstein L.P. increased its position in Veeva Systems by 10.7% during the first quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after buying an additional 532,269 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Up 0.6%

NYSE:VEEV opened at $287.81 on Wednesday. Veeva Systems Inc. has a 12-month low of $201.54 and a 12-month high of $310.50. The firm has a market cap of $47.17 billion, a P/E ratio of 59.10, a PEG ratio of 2.21 and a beta of 0.98. The stock's 50 day simple moving average is $283.06 and its 200-day simple moving average is $265.77.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 27th. The technology company reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.64). Veeva Systems had a net margin of 27.29% and a return on equity of 13.72%. The business had revenue of $789.08 million during the quarter, compared to analysts' expectations of $768.49 million. During the same quarter last year, the firm earned $1.62 earnings per share. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. Veeva Systems has set its Q3 2026 guidance at 1.940-1.950 EPS. FY 2026 guidance at 7.780-7.780 EPS. Research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on VEEV. Raymond James Financial reaffirmed an "outperform" rating and set a $340.00 price target (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Truist Financial lifted their price target on Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Needham & Company LLC lifted their price target on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Oppenheimer reissued an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Finally, UBS Group boosted their target price on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $307.58.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $298.12, for a total value of $214,646.40. Following the sale, the senior vice president directly owned 7,868 shares in the company, valued at $2,345,608.16. The trade was a 8.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eleni Nitsa Zuppas sold 6,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $306.62, for a total value of $1,839,720.00. Following the completion of the sale, the insider owned 25,325 shares in the company, valued at approximately $7,765,151.50. This trade represents a 19.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,665 shares of company stock worth $7,438,000 over the last three months. 10.30% of the stock is currently owned by corporate insiders.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc. (NYSE:VEEV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.