Veeva Systems Inc. $VEEV Stock: AMF Tjanstepension AB Lowers Position

Key Points

• AMF Tjanstepension AB cut its Veeva Systems stake by 31.8% in the third quarter, selling 3,600 shares and retaining 7,723 shares valued at approximately $2.2 million. Institutional investors collectively own 88.2% of the company.
• Insider selling has been notable, with company insiders selling 56,789 shares worth about $14.9 million over the past 90 days. Senior Vice President Jonathan Faddis and Director Priscilla Hung were among those who reduced their holdings.
• Analyst sentiment remains positive, with 19 Buy ratings, eight Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $287.79. Veeva recently beat quarterly earnings and revenue estimates, reporting $2.35 in EPS and $927.96 million in revenue.

AMF Tjanstepension AB lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 31.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 7,723 shares of the technology company's stock after selling 3,600 shares during the period. AMF Tjanstepension AB's holdings in Veeva Systems were worth $2,205,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Reyes Financial Architecture Inc. bought a new stake in Veeva Systems during the third quarter valued at about $69,000. Cardinal Capital Management boosted its stake in shares of Veeva Systems by 24.2% in the third quarter. Cardinal Capital Management now owns 11,971 shares of the technology company's stock worth $3,417,000 after acquiring an additional 2,334 shares during the period. Cantor Fitzgerald Investment Advisors L.P. bought a new position in shares of Veeva Systems in the third quarter worth about $19,896,000. Axxcess Wealth Management LLC purchased a new stake in shares of Veeva Systems during the third quarter worth about $267,000. Finally, Crossmark Global Holdings Inc. grew its position in shares of Veeva Systems by 32.0% during the third quarter. Crossmark Global Holdings Inc. now owns 6,188 shares of the technology company's stock worth $1,766,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 5,198 shares of the firm's stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total value of $195,780.00. Following the completion of the sale, the director directly owned 3,242 shares of the company's stock, valued at $846,291.68. The trade was a 18.79% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on VEEV shares. Stifel Nicolaus set a $300.00 target price on Veeva Systems in a research note on Thursday, August 27th. Barclays upped their price target on Veeva Systems from $315.00 to $360.00 and gave the stock an "overweight" rating in a research note on Monday. Piper Sandler upped their price objective on Veeva Systems from $295.00 to $320.00 and gave the stock an "overweight" rating in a report on Thursday, August 27th. Mizuho upped their target price on shares of Veeva Systems from $270.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Finally, Morgan Stanley increased their price target on Veeva Systems from $215.00 to $275.00 and gave the company an "equal weight" rating in a report on Thursday, August 27th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $287.79.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $322.96 on Friday. The stock has a market capitalization of $52.29 billion, a P/E ratio of 51.78, a price-to-earnings-growth 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. The business has a fifty day moving average price of $276.07 and a 200 day moving average price of $212.28.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The company had revenue of $927.96 million for the quarter, compared to the consensus estimate of $905.38 million. The firm's revenue for the quarter was up 17.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.99 earnings per share. 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, equities research analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Veeva Systems Profile

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.

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