Veeva Systems Inc. $VEEV Stock Holdings Trimmed by Hartline Investment Corp

Key Points

• Hartline Investment Corp cut its Veeva Systems position by 66.3% in the fourth quarter, selling 14,410 shares and ending with 7,324 shares worth about $1.64 million.
• Wall Street sentiment remains mostly constructive, with 16 Buy ratings, nine Holds, and one Sell; the stock’s consensus rating is Moderate Buy with an average target price of $276.52, though several analysts recently lowered their price targets.
• Veeva reported better-than-expected quarterly results, posting EPS of $2.06 on revenue of $835.95 million, while director Priscilla Hung also sold 750 shares in a pre-arranged insider transaction.

Hartline Investment Corp reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 66.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,324 shares of the technology company's stock after selling 14,410 shares during the quarter. Hartline Investment Corp's holdings in Veeva Systems were worth $1,635,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. Sivia Capital Partners LLC increased its holdings in Veeva Systems by 225.9% in the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company's stock valued at $899,000 after buying an additional 2,164 shares during the last quarter. Bank of Nova Scotia increased its holdings in Veeva Systems by 44.5% in the second quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company's stock valued at $1,689,000 after buying an additional 1,806 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Veeva Systems by 34.6% in the second quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company's stock valued at $2,543,000 after buying an additional 2,272 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Veeva Systems by 2.2% in the second quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company's stock valued at $19,856,000 after buying an additional 1,452 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its holdings in Veeva Systems by 5.3% in the second quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company's stock valued at $3,140,000 after buying an additional 575 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on VEEV shares. JPMorgan Chase & Co. lowered their price objective on Veeva Systems from $330.00 to $296.00 and set an "overweight" rating for the company in a report on Friday, February 20th. Royal Bank Of Canada lowered their target price on Veeva Systems from $330.00 to $275.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Citigroup lowered Veeva Systems from a "buy" rating to a "neutral" rating and lowered their target price for the company from $291.00 to $176.00 in a report on Friday, April 10th. Wells Fargo & Company lowered their target price on Veeva Systems from $333.00 to $317.00 and set an "overweight" rating for the company in a report on Thursday, March 5th. Finally, Truist Financial reaffirmed a "buy" rating and set a $262.00 target price (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. Sixteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $276.52.

Veeva Systems Trading Up 1.3%

Shares of NYSE VEEV opened at $160.40 on Friday. The stock has a 50 day simple moving average of $168.39 and a 200-day simple moving average of $204.33. The company has a market cap of $26.20 billion, a PE ratio of 29.65, a P/E/G ratio of 0.71 and a beta of 0.92. 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 issued its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.12. The business had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The business's revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.74 earnings per share. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Sell-side analysts forecast that Veeva Systems Inc. will post 6.45 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the business's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the transaction, the director directly owned 3,253 shares in the company, valued at approximately $506,296.92. The trade was a 18.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.60% of the company's stock.

Veeva Systems Company Profile

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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