Veeva Systems Inc. $VEEV Shares Sold by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB cut its Veeva Systems stake by 26.3% in the third quarter, selling 40,400 shares and retaining 113,455 shares worth approximately $32.4 million.
• Institutional investors own 88.2% of Veeva, while company insiders sold 56,789 shares worth about $14.9 million in the latest quarter. Other institutions, including Cantor Fitzgerald and Crossmark Global, increased or initiated positions.
• Veeva reported quarterly revenue of $927.96 million and adjusted earnings of $2.35 per share, beating analyst estimates, with revenue rising 17.6% year over year. Analysts maintain a “Moderate Buy” consensus and an average price target of $287.79.

E. Ohman J or Asset Management AB lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,455 shares of the technology company's stock after selling 40,400 shares during the quarter. Veeva Systems accounts for about 0.7% of E. Ohman J or Asset Management AB's investment portfolio, making the stock its 26th biggest holding. E. Ohman J or Asset Management AB owned about 0.07% of Veeva Systems worth $32,386,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in VEEV. Reyes Financial Architecture Inc. bought a new position in Veeva Systems during the third quarter worth about $69,000. Cardinal Capital Management increased its holdings in Veeva Systems by 24.2% in the 3rd quarter. Cardinal Capital Management now owns 11,971 shares of the technology company's stock valued at $3,417,000 after buying an additional 2,334 shares during the period. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in Veeva Systems during the third quarter worth $19,896,000. Axxcess Wealth Management LLC bought a new position in shares of Veeva Systems in the third quarter worth about $267,000. Finally, Crossmark Global Holdings Inc. boosted its position in Veeva Systems by 32.0% in the third quarter. Crossmark Global Holdings Inc. now owns 6,188 shares of the technology company's stock valued at $1,766,000 after buying an additional 1,500 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In other news, insider Thomas Schwenger sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the transaction, the insider owned 19,449 shares of the company's stock, valued at approximately $5,471,587.17. The trade was a 33.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Jonathan Faddis sold 5,198 shares of the business's stock in a transaction that occurred on Wednesday, October 14th. The shares were sold at an average price of $299.72, for a total value of $1,557,944.56. Following the transaction, the senior vice president owned 4,130 shares of the company's stock, valued at $1,237,843.60. This trade represents a 55.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 56,789 shares of company stock valued at $14,913,889 over the last quarter. Company insiders own 10.60% of the company's stock.

Veeva Systems Price Performance

VEEV stock opened at $322.96 on Friday. The business has a fifty day moving average price of $276.07 and a 200-day moving average price of $212.28. The stock has a market capitalization of $52.29 billion, a P/E ratio of 53.12, a P/E/G ratio of 1.37 and a beta of 0.93. Veeva Systems Inc. has a 1-year low of $148.05 and a 1-year high of $325.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The business had revenue of $927.96 million for the quarter, compared to the consensus estimate of $905.38 million. During the same period last year, the firm earned $1.99 earnings per share. The company's quarterly revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on VEEV. Piper Sandler increased their price objective on Veeva Systems from $295.00 to $320.00 and gave the company an "overweight" rating in a report on Thursday, August 27th. UBS Group increased their price target on shares of Veeva Systems from $190.00 to $290.00 and gave the company a "neutral" rating in a research report on Thursday, August 27th. Truist Financial boosted their price objective on Veeva Systems from $262.00 to $305.00 and gave the company a "buy" rating in a research note on Thursday, August 27th. Canaccord Genuity Group increased their target price on Veeva Systems from $220.00 to $260.00 and gave the company a "hold" rating in a research note on Thursday, August 27th. Finally, BMO Capital Markets raised their price target on Veeva Systems from $175.00 to $270.00 and gave the stock a "market perform" rating in a research report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $287.79.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.