Pictet Asset Management Holding SA cut its position in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) by 10.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,751,190 shares of the technology company’s stock after selling 200,579 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Veeva Systems were worth $499,790,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 7.0% during the 1st 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 during the last quarter. Amundi lifted its holdings in shares of Veeva Systems by 8.0% during the 1st quarter. Amundi now owns 992,977 shares of the technology company’s stock valued at $174,426,000 after acquiring an additional 73,510 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position 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 during the period. Royal Bank of Canada grew its position in Veeva Systems by 2.7% in the first quarter. Royal Bank of Canada now owns 870,281 shares of the technology company’s stock valued at $152,873,000 after acquiring an additional 23,117 shares in the last quarter. Finally, Fundsmith LLP acquired a new stake in Veeva Systems in the second quarter valued at approximately $144,955,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.
Insider Activity
In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total transaction of $195,780.00. Following the sale, the director directly owned 3,242 shares of the company’s stock, valued at approximately $846,291.68. This represents a 18.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas Schwenger sold 36,000 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $250.23, for a total value of $9,008,280.00. Following the completion of the transaction, the insider directly owned 19,449 shares in the company, valued at $4,866,723.27. The trade was a 64.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 56,789 shares of company stock valued at $14,913,889 in the last ninety days. 10.60% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
VEEV has been the topic of a number of recent research reports. BNP Paribas Exane boosted their target price on shares of Veeva Systems from $285.00 to $300.00 in a research report on Thursday, August 27th. Barclays boosted their price target on Veeva Systems from $360.00 to $375.00 and gave the company an “overweight” rating in a report on Wednesday, October 28th. Evercore lifted their target price on Veeva Systems from $185.00 to $250.00 in a research note on Thursday, October 8th. Wells Fargo & Company reissued an “overweight” rating and set a $330.00 target price (up from $320.00) on shares of Veeva Systems in a research note on Tuesday, September 8th. Finally, Needham & Company LLC upped their price objective on shares of Veeva Systems from $310.00 to $360.00 and gave the stock a “buy” rating in a report on Friday. Nineteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $309.08.
Veeva Systems Stock Performance
NYSE:VEEV opened at $304.23 on Friday. The company has a market cap of $49.26 billion, a price-to-earnings ratio of 50.04, a PEG ratio of 1.30 and a beta of 0.89. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $325.99. The firm’s 50-day moving average is $289.24 and its 200-day moving average is $211.95.
Veeva Systems (NYSE:VEEV – Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The company had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period last year, the firm earned $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. Equities analysts predict that Veeva Systems Inc. will post 6.70 EPS for the current year.
Key Headlines 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
Veeva Systems 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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