PNC Financial Services Group Inc. Cuts Position in Veeva Systems Inc. $VEEV

PNC Financial Services Group Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 11.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,801 shares of the technology company’s stock after selling 2,834 shares during the period. PNC Financial Services Group Inc.’s holdings in Veeva Systems were worth $4,005,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Veeva Systems by 11.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company’s stock valued at $199,137,000 after purchasing an additional 90,703 shares in the last quarter. Empire Life Investments Inc. increased its stake in Veeva Systems by 21.1% during the 4th quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company’s stock worth $8,272,000 after buying an additional 6,453 shares during the period. Farther Finance Advisors LLC lifted its holdings in Veeva Systems by 217.2% during the 4th quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company’s stock worth $2,337,000 after buying an additional 7,169 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings in Veeva Systems by 14.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,110,075 shares of the technology company’s stock worth $247,817,000 after buying an additional 137,965 shares in the last quarter. Finally, BNP Paribas boosted its position in Veeva Systems by 89.3% in the 4th quarter. BNP Paribas now owns 19,239 shares of the technology company’s stock valued at $4,308,000 after buying an additional 9,077 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Trading Up 4.3%

Shares of VEEV stock opened at $194.23 on Tuesday. The company has a market cap of $31.55 billion, a P/E ratio of 34.62, a PEG ratio of 0.80 and a beta of 0.94. The firm has a fifty day moving average price of $175.19 and a 200 day moving average price of $181.01. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share 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 analysts’ expectations of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.Veeva Systems’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period last year, the firm earned $1.97 earnings per share. 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. On average, equities analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current year.

Insiders Place Their Bets

In related news, Director Priscilla Hung sold 750 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the sale, the director owned 3,253 shares in the company, valued at $506,296.92. The trade was a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several research reports. Wells Fargo & Company boosted their price target on shares of Veeva Systems from $317.00 to $320.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Robert W. Baird lifted their target price on Veeva Systems from $250.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, June 4th. BNP Paribas Exane reissued an “outperform” rating and set a $285.00 target price on shares of Veeva Systems in a research note on Thursday, June 4th. Raymond James Financial restated an “outperform” rating and set a $225.00 price target on shares of Veeva Systems in a report on Thursday, June 4th. Finally, Stifel Nicolaus reduced their price target on Veeva Systems from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $247.08.

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.