Veeva Systems Inc. $VEEV Stock: General American Investors Co. Inc. Trims Stake

Key Points

• General American Investors cut its Veeva Systems stake by 17.2% in the third quarter, selling 10,000 shares and retaining 48,006 shares valued at about $13.7 million.
• Analysts raised price targets, with RBC setting $365 and Needham $360; Veeva also won UCB’s selection of Vault CRM as a core commercial platform. The stock has a “Moderate Buy” consensus rating and an average target of $309.08.
• Veeva reported quarterly EPS of $2.35, beating estimates of $2.23, while revenue rose 17.6% year over year to about $928 million. Shares closed down 1.9% at $304.23.

General American Investors Co. Inc. lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,006 shares of the technology company's stock after selling 10,000 shares during the quarter. General American Investors Co. Inc.'s holdings in Veeva Systems were worth $13,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Fundsmith LLP bought a new stake in Veeva Systems during the 2nd quarter valued at about $144,955,000. 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 worth $160,427,000 after buying an additional 611,868 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Veeva Systems by 757.5% during the first quarter. Pacer Advisors Inc. now owns 485,046 shares of the technology company's stock valued at $85,203,000 after buying an additional 428,478 shares during the last quarter. Ashe Capital Management LP purchased a new stake in shares of Veeva Systems during the second quarter valued at approximately $75,232,550. Finally, Principal Financial Group Inc. increased its position in shares of Veeva Systems by 7.0% during the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company's stock valued at $727,513,000 after acquiring an additional 271,252 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Key Stories Impacting Veeva Systems

Here are the key news stories impacting Veeva Systems this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $365 from $325 and reiterated an “outperform” rating, implying about 20% upside from the cited $304.23 share price. Royal Bank of Canada recommendations
• Positive Sentiment: Needham raised its target to $360 from $310 and maintained a “buy” rating, citing about 18% potential upside from $304.23. Needham recommendations
• Positive Sentiment: Stifel lifted its price target to $340 from $300, adding to the wave of upward target revisions. Stifel raises Veeva price target
• Positive Sentiment: UCB selected Veeva Vault CRM as a core platform for its commercial operations and plans to use industry-specific AI for product launches and customer engagement. The deal supports Veeva’s positioning as a specialized technology provider for life sciences companies. Veeva becomes core CRM choice for major biopharma AI rollout

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VEEV. BNP Paribas Exane boosted their price objective on shares of Veeva Systems from $285.00 to $300.00 in a report on Thursday, August 27th. Stifel Nicolaus set a $300.00 price objective on Veeva Systems in a research report on Thursday, August 27th. Weiss Ratings upgraded Veeva Systems from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, October 8th. Citigroup boosted their target price on Veeva Systems from $190.00 to $273.00 and gave the stock a "neutral" rating in a research report on Friday, August 28th. Finally, The Goldman Sachs Group boosted their target price on Veeva Systems from $165.00 to $180.00 in a research report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $309.08.

Veeva Systems Trading Down 1.9%

NYSE:VEEV traded down $5.87 during trading hours on Friday, reaching $304.23. The company had a trading volume of 1,746,403 shares, compared to its average volume of 1,508,434. The firm has a market cap of $49.26 billion, a price-to-earnings ratio of 50.04, a PEG ratio of 1.31 and a beta of 0.89. The firm's 50 day moving average price is $289.24 and its 200-day moving average price is $211.95. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week 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 (EPS) for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The firm had revenue of $927.96 million for the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The company's revenue for the quarter was up 17.6% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. 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. On average, analysts forecast that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 5,198 shares of the 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 in the company, valued at $1,237,843.60. This represents a 55.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 that occurred on Wednesday, September 9th. The stock was sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the transaction, the director directly owned 3,242 shares in the company, valued at approximately $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 quarter, insiders have sold 56,789 shares of company stock valued at $14,913,889. 10.60% of the stock is owned by company insiders.

Veeva Systems Company Profile

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.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.

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