Veeva Systems Inc. $VEEV Shares Sold by California Public Employees Retirement System

Key Points

• California Public Employees Retirement System cut its Veeva Systems stake by 21.5% in Q1, selling 58,101 shares and leaving it with 211,832 shares worth about $37.2 million.
• Veeva Systems reported strong quarterly results, beating estimates with EPS of $2.24 and revenue of $882.95 million, up 16.3% year over year.
• Analysts remain broadly positive overall, with a Moderate Buy consensus and average price target of $247.74, though several firms recently lowered targets and one downgraded the stock to Hold.

California Public Employees Retirement System reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 211,832 shares of the technology company's stock after selling 58,101 shares during the quarter. California Public Employees Retirement System owned 0.13% of Veeva Systems worth $37,210,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Robeco Institutional Asset Management B.V. boosted its position in shares of Veeva Systems by 11.3% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company's stock valued at $199,137,000 after acquiring an additional 90,703 shares during the last quarter. Empire Life Investments Inc. increased its position in Veeva Systems by 21.1% during the fourth quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company's stock worth $8,272,000 after purchasing an additional 6,453 shares during the last quarter. Farther Finance Advisors LLC increased its position in Veeva Systems by 217.2% during the fourth quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company's stock worth $2,337,000 after purchasing an additional 7,169 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in Veeva Systems by 14.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,110,075 shares of the technology company's stock worth $247,817,000 after purchasing an additional 137,965 shares during the period. Finally, KBC Group NV raised its stake in Veeva Systems by 180.2% during the fourth quarter. KBC Group NV now owns 201,140 shares of the technology company's stock worth $44,900,000 after purchasing an additional 129,346 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the sale, the director owned 3,253 shares in the company, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.60% of the company's stock.

Veeva Systems Price Performance

NYSE VEEV opened at $197.74 on Tuesday. The stock has a market capitalization of $32.12 billion, a P/E ratio of 35.25, a PEG ratio of 0.84 and a beta of 0.94. The firm's 50-day moving average is $172.43 and its two-hundred day moving average is $182.36. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50.

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

Analyst Ratings Changes

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

Several research firms have recently weighed in on VEEV. Canaccord Genuity Group dropped their price target on shares of Veeva Systems from $235.00 to $220.00 and set a "hold" rating for the company in a research note on Thursday, June 4th. UBS Group reduced their price target on shares of Veeva Systems from $220.00 to $190.00 and set a "neutral" rating on the stock in a research report on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating on shares of Veeva Systems in a report on Monday. Zacks Research lowered Veeva Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 14th. Finally, Needham & Company LLC reissued a "buy" rating and set a $270.00 target price on shares of Veeva Systems in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price of $247.74.

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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