Principal Financial Group Inc. Acquires 388,864 Shares of Veeva Systems Inc. $VEEV

Principal Financial Group Inc. raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 11.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,846,877 shares of the technology company’s stock after acquiring an additional 388,864 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $1,146,040,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Sigma Planning Corp increased its stake in Veeva Systems by 1.2% during the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock worth $958,000 after purchasing an additional 39 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Veeva Systems by 17.1% in the third quarter. Private Trust Co. NA now owns 281 shares of the technology company’s stock valued at $84,000 after buying an additional 41 shares during the period. Keybank National Association OH increased its position in shares of Veeva Systems by 1.4% during the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company’s stock worth $889,000 after acquiring an additional 42 shares in the last quarter. Apollon Wealth Management LLC raised its holdings in shares of Veeva Systems by 1.5% during the third quarter. Apollon Wealth Management LLC now owns 2,905 shares of the technology company’s stock worth $865,000 after acquiring an additional 42 shares during the period. Finally, Baron Wealth Management LLC lifted its position in Veeva Systems by 1.7% in the 3rd quarter. Baron Wealth Management LLC now owns 2,447 shares of the technology company’s stock valued at $729,000 after acquiring an additional 42 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

VEEV has been the subject of a number of research reports. The Goldman Sachs Group began coverage on Veeva Systems in a report on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price for the company. Truist Financial upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Thursday, January 8th. Jefferies Financial Group reissued a “buy” rating and issued a $330.00 target price on shares of Veeva Systems in a research report on Monday, November 24th. KeyCorp reaffirmed a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. Finally, Wells Fargo & Company decreased their price target on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average target price of $308.04.

Veeva Systems Stock Down 2.8%

VEEV stock opened at $204.08 on Friday. The company has a market cap of $33.55 billion, a price-to-earnings ratio of 39.70, a P/E/G 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. The business has a 50 day moving average price of $227.25 and a two-hundred day moving average price of $264.62.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.95 by $0.09. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The company had revenue of $0.81 million during the quarter, compared to the consensus estimate of $792.37 million. During the same quarter in the prior year, the firm posted $1.75 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. 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, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems declared that its board has approved a share repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the transaction, the insider owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This trade represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.30% of the stock is currently owned by corporate insiders.

About Veeva Systems

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.