Veeva Systems Inc. $VEEV Shares Sold by US Bancorp DE

US Bancorp DE lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 2.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 143,214 shares of the technology company’s stock after selling 3,460 shares during the quarter. US Bancorp DE’s holdings in Veeva Systems were worth $31,970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in VEEV. Alphinity Investment Management Pty Ltd acquired a new stake in Veeva Systems in the third quarter valued at about $422,241,000. Durable Capital Partners LP acquired a new stake in Veeva Systems in the second quarter valued at about $281,351,000. ABN AMRO Bank N.V. acquired a new stake in Veeva Systems in the third quarter valued at about $246,625,000. AQR Capital Management LLC lifted its position in Veeva Systems by 31.2% in the third quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company’s stock valued at $706,078,000 after purchasing an additional 574,164 shares during the period. Finally, Vanguard Group Inc. lifted its position in Veeva Systems by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after purchasing an additional 457,806 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Up 10.1%

Shares of Veeva Systems stock opened at $171.70 on Friday. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The stock has a market cap of $28.04 billion, a PE ratio of 31.74, a price-to-earnings-growth ratio of 0.70 and a beta of 0.93. The company has a 50-day moving average of $174.70 and a two-hundred day moving average of $217.25.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same period last year, the company posted $1.74 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. On average, sell-side analysts forecast that Veeva Systems Inc. will post 6.41 EPS for the current fiscal year.

Veeva Systems declared that its Board of Directors has authorized a share buyback program on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to purchase up to 5.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $153.50, for a total value of $115,125.00. Following the completion of the transaction, the director directly owned 4,003 shares of the company’s stock, valued at approximately $614,460.50. This trade represents a 15.78% 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. Company insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on VEEV. Weiss Ratings downgraded shares of Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. The Goldman Sachs Group began coverage on shares of Veeva Systems in a research report on Tuesday, January 13th. They issued a “sell” rating and a $215.00 price objective for the company. William Blair restated an “outperform” rating on shares of Veeva Systems in a research report on Tuesday, March 10th. Morgan Stanley raised their price objective on shares of Veeva Systems from $205.00 to $215.00 and gave the company an “equal weight” rating in a research report on Thursday, March 5th. Finally, Barclays dropped their target price on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $278.70.

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.