Veeva Systems Inc. $VEEV Stock Sold by Riverbridge Partners LLC

Riverbridge Partners LLC lowered its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 298,150 shares of the technology company’s stock after selling 15,228 shares during the period. Veeva Systems accounts for about 2.6% of Riverbridge Partners LLC’s holdings, making the stock its 9th largest holding. Riverbridge Partners LLC owned 0.18% of Veeva Systems worth $85,107,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Renasant Bank purchased a new position in shares of Veeva Systems in the 3rd quarter worth about $266,000. AMG National Trust Bank bought a new position in Veeva Systems in the 3rd quarter worth about $230,000. Mesirow Financial Investment Management Inc. bought a new position in Veeva Systems in the 3rd quarter worth about $213,000. Lido Advisors LLC boosted its stake in Veeva Systems by 1.2% in the 3rd quarter. Lido Advisors LLC now owns 31,725 shares of the technology company’s stock worth $9,056,000 after purchasing an additional 387 shares in the last quarter. Finally, New York Life Investment Management LLC grew its position in Veeva Systems by 1.1% during the 3rd quarter. New York Life Investment Management LLC now owns 26,139 shares of the technology company’s stock valued at $7,461,000 after purchasing an additional 291 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of analyst reports. Jefferies Financial Group raised their price objective on shares of Veeva Systems from $295.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, November 6th. Needham & Company LLC lifted their target price on shares of Veeva Systems from $310.00 to $360.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Citigroup increased their price target on shares of Veeva Systems from $190.00 to $273.00 and gave the company a “neutral” rating in a report on Friday, August 28th. Barclays raised their price target on shares of Veeva Systems from $360.00 to $375.00 and gave the company an “overweight” rating in a research report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $272.00 to $299.00 in a report on Thursday, August 27th. Nineteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $314.50.

Veeva Systems Price Performance

Veeva Systems stock opened at $306.22 on Wednesday. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $325.99. The stock has a market capitalization of $49.58 billion, a PE ratio of 49.50, a price-to-earnings-growth ratio of 1.31 and a beta of 0.89. The business’s fifty day moving average is $290.24 and its 200 day moving average is $212.79.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The company had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. During the same period last year, the company earned $1.99 EPS. Veeva Systems’s revenue for the quarter was up 17.6% on a year-over-year basis. 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. As a group, sell-side analysts expect that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

Veeva Systems News Roundup

Here are the key news stories impacting Veeva Systems this week:

• Positive Sentiment: Analysts raised price targets, including Truist and BTIG to $360 and another report to $375, signaling improved potential upside. Canaccord also lifted its target, though it kept a Hold rating. BTIG price target Truist price target Price target raised to $375
• Positive Sentiment: A report points to strong Q2 results, wider Vault CRM adoption and Veeva’s diversified product portfolio as growth supports. A Roche example of using Veeva for faster, more efficient regulatory compliance also offers a real-world endorsement of its life-sciences software. Zacks analysis Roche and Veeva
• Neutral Sentiment: Veeva was highlighted as retesting a buy point, but its shares were also described as meeting resistance around the 21-day moving average, leaving the near-term technical picture mixed. IBD Stock of the Day
• Negative Sentiment: Market saturation is a risk to continued growth, according to the Zacks analysis. Canaccord’s Hold rating, despite its higher target, also reflects some analyst caution. Zacks analysis

Insider Activity at Veeva Systems

In other news, insider Thomas Schwenger sold 10,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $281.33, for a total value of $2,813,300.00. Following the completion of the sale, the insider directly owned 19,449 shares in the company, valued at $5,471,587.17. The trade was a 33.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Priscilla Hung sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total transaction of $195,780.00. Following the transaction, the director directly owned 3,242 shares of the company’s stock, valued at $846,291.68. The trade was a 18.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is owned by insiders.

Veeva Systems Company 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.