T. Rowe Price Investment Management Inc. lowered its position in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 8.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,585,205 shares of the technology company’s stock after selling 319,450 shares during the period. T. Rowe Price Investment Management Inc. owned 2.18% of Veeva Systems worth $800,326,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VEEV. Board of the Pension Protection Fund bought a new stake in Veeva Systems in the fourth quarter worth approximately $27,000. Raiffeisen Bank International AG bought a new position in shares of Veeva Systems during the 3rd quarter valued at $28,000. Newbridge Financial Services Group Inc. raised its holdings 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. Activest Wealth Management lifted its stake in shares of Veeva Systems by 3,175.0% in 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 during the last quarter. Finally, BOK Financial Private Wealth Inc. acquired a new stake in shares of Veeva Systems in the 4th quarter valued at $33,000. Institutional investors own 88.20% of the company’s stock.
Insiders Place Their Bets
In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the transaction, the director directly owned 3,253 shares of the company’s stock, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by corporate insiders.
Veeva Systems Stock Down 1.1%
Veeva Systems (NYSE:VEEV – Get Free Report) last released its earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.10. The company had revenue of $882.95 million for the quarter, compared to the consensus estimate of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The company’s revenue was up 16.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.97 EPS. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. As a group, sell-side analysts expect that Veeva Systems Inc. will post 6.65 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on VEEV shares. Truist Financial reiterated a “buy” rating and issued a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. TD Cowen reaffirmed a “buy” rating on shares of Veeva Systems in a research report on Thursday, June 4th. Piper Sandler decreased their price target on Veeva Systems from $285.00 to $235.00 and set an “overweight” rating for the company in a research note on Thursday, June 4th. UBS Group lowered their price objective on Veeva Systems from $220.00 to $190.00 and set a “neutral” rating on the stock in a report on Thursday, June 4th. Finally, BTIG Research reissued a “buy” rating and issued a $340.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Eighteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $250.96.
Check Out Our Latest Stock Analysis on Veeva Systems
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.
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