Truist Financial Corp Trims Stake in Veeva Systems Inc. $VEEV

Truist Financial Corp reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 10.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,454 shares of the technology company’s stock after selling 3,986 shares during the period. Truist Financial Corp’s holdings in Veeva Systems were worth $7,245,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. GPS Wealth Strategies Group LLC grew its position in shares of Veeva Systems by 196.4% during the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Veeva Systems during the 3rd quarter valued at $28,000. Board of the Pension Protection Fund purchased a new position in shares of Veeva Systems during the 4th quarter valued at $27,000. Newbridge Financial Services Group Inc. grew its position in shares of Veeva Systems by 322.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 100 shares in the last quarter. Finally, Activest Wealth Management grew its position in shares of Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 127 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the sale, the director directly owned 3,253 shares of the company’s stock, valued at $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VEEV. The Goldman Sachs Group began coverage on shares of Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price target for the company. UBS Group upped their target price on shares of Veeva Systems from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Citigroup lowered shares of Veeva Systems from a “buy” rating to a “neutral” rating and cut their target price for the stock from $291.00 to $176.00 in a research report on Friday, April 10th. Truist Financial reiterated a “buy” rating and issued a $262.00 target price (down from $275.00) on shares of Veeva Systems in a research report on Thursday, March 5th. Finally, William Blair reiterated an “outperform” rating on shares of Veeva Systems in a research report on Tuesday, March 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $278.70.

Veeva Systems Stock Down 1.2%

Veeva Systems stock opened at $166.21 on Friday. The company has a market capitalization of $27.15 billion, a PE ratio of 30.72, a P/E/G ratio of 0.74 and a beta of 0.92. The firm has a fifty day simple moving average of $174.27 and a two-hundred day simple moving average of $213.74. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share 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 net margin of 28.44% and a return on equity of 13.80%. The firm’s revenue for the quarter 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. As a group, equities analysts expect that Veeva Systems Inc. will post 6.41 earnings per share for the current fiscal year.

Veeva Systems 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.