Bank of New York Mellon Corp Sells 61,978 Shares of Veeva Systems Inc. $VEEV

Bank of New York Mellon Corp lessened its position in Veeva Systems Inc. (NYSE:VEEV) by 9.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 573,979 shares of the technology company’s stock after selling 61,978 shares during the period. Bank of New York Mellon Corp owned 0.35% of Veeva Systems worth $170,994,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Veeva Systems during the 2nd quarter valued at about $384,265,000. Durable Capital Partners LP bought a new stake in shares of Veeva Systems in the 2nd quarter worth approximately $281,351,000. AQR Capital Management LLC increased its stake in shares of Veeva Systems by 111.7% during the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after buying an additional 969,905 shares during the period. Schroder Investment Management Group raised its holdings in shares of Veeva Systems by 1,039.4% during the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after acquiring an additional 925,896 shares in the last quarter. Finally, Los Angeles Capital Management LLC lifted its stake in Veeva Systems by 423.8% in the second quarter. Los Angeles Capital Management LLC now owns 841,303 shares of the technology company’s stock worth $242,278,000 after acquiring an additional 680,702 shares during the period. 88.20% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of research analyst reports. TD Cowen raised shares of Veeva Systems from a “hold” rating to a “buy” rating and boosted their price objective for the company from $297.00 to $380.00 in a research report on Tuesday, October 7th. Truist Financial upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Thursday, January 8th. Citigroup cut their price objective on Veeva Systems from $349.00 to $319.00 and set a “buy” rating on the stock in a research report on Monday, November 24th. Jefferies Financial Group reiterated a “buy” rating and set a $330.00 target price on shares of Veeva Systems in a report on Monday, November 24th. Finally, The Goldman Sachs Group assumed coverage on Veeva Systems in a research note on Tuesday, January 13th. They issued a “sell” rating and a $215.00 target price for the company. Eighteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average target price of $308.04.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the sale, the insider owned 23,204 shares in the company, valued at $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Stock Down 2.8%

VEEV stock opened at $204.08 on Friday. The business has a 50 day moving average of $227.25 and a 200 day moving average of $264.72. The firm has a market cap of $33.55 billion, a PE ratio of 39.70, a price-to-earnings-growth ratio of 1.55 and a beta of 1.07. Veeva Systems Inc. has a twelve month low of $201.54 and a twelve month high of $310.50.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.09. The firm had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 earnings per share. Veeva Systems has set its FY 2026 guidance at 7.930-7.93 EPS and its Q4 2026 guidance at 1.920-1.920 EPS. On average, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems announced that its Board of Directors has approved a stock repurchase plan on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.