Veeva Systems Inc. $VEEV Stock Bought by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Veeva Systems stake by 183.6% in the third quarter, adding 92,844 shares to hold 143,404 shares valued at about $40.4 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $317.42; 19 rate the stock Buy, eight Hold, and one Sell.
• Veeva beat quarterly earnings and revenue estimates, reporting EPS of $2.35 and revenue of $927.96 million, up 17.6% year over year.

Allspring Global Investments Holdings LLC lifted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 183.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 143,404 shares of the technology company's stock after acquiring an additional 92,844 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.09% of Veeva Systems worth $40,430,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Amundi raised its position in shares of Veeva Systems by 8.0% during the first quarter. Amundi now owns 992,977 shares of the technology company's stock valued at $174,426,000 after buying an additional 73,510 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company's stock valued at $160,427,000 after buying an additional 611,868 shares during the period. Royal Bank of Canada grew its position in Veeva Systems by 2.7% during the first quarter. Royal Bank of Canada now owns 870,281 shares of the technology company's stock worth $152,873,000 after buying an additional 23,117 shares in the last quarter. Fundsmith LLP acquired a new stake in Veeva Systems during the second quarter worth about $144,955,000. Finally, Bank of New York Mellon Corp increased its stake in Veeva Systems by 7.3% during the first quarter. Bank of New York Mellon Corp now owns 613,202 shares of the technology company's stock valued at $107,715,000 after acquiring an additional 41,862 shares during the period. 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 stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total transaction of $1,557,944.56. Following the sale, the senior vice president owned 4,130 shares in the company, valued at approximately $1,237,843.60. This represents a 55.72% decrease in their ownership of the stock. The sale 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. Also, EVP Daniel Rizzo sold 4,841 shares of the firm's stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president owned 7,665 shares of the company's stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 20,789 shares of company stock worth $5,905,609 in the last three months. Company insiders own 10.60% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the subject of several recent research reports. TD Cowen upped their price target on Veeva Systems from $235.00 to $283.00 and gave the company a "buy" rating in a report on Monday, August 24th. Oppenheimer reissued an "outperform" rating and set a $325.00 price objective (up from $300.00) on shares of Veeva Systems in a report on Thursday, October 15th. BMO Capital Markets lifted their price objective on Veeva Systems from $175.00 to $270.00 and gave the stock a "market perform" rating in a report on Thursday, August 27th. Truist Financial lifted their target price on shares of Veeva Systems from $305.00 to $360.00 and gave the company a "buy" rating in a research report on Monday. Finally, Raymond James Financial upped their target price on shares of Veeva Systems from $225.00 to $330.00 in a research note on Thursday, August 27th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $317.42.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $304.94 on Thursday. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $325.99. The business has a fifty day moving average of $290.75 and a two-hundred day moving average of $213.20. The stock has a market cap of $49.37 billion, a PE ratio of 49.36, a PEG ratio of 1.30 and a beta of 0.89.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its 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 analyst estimates of $905.38 million. During the same quarter in the prior year, the firm earned $1.99 EPS. The firm's quarterly revenue was up 17.6% compared to the same quarter last year. 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. Analysts predict that Veeva Systems Inc. will post 6.70 earnings per share for the current year.

About Veeva Systems

Veeva Systems Inc. develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations. The company's products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

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