Royal Bank of Canada Purchases 23,117 Shares of Veeva Systems Inc. $VEEV

Royal Bank of Canada grew its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 870,281 shares of the technology company’s stock after purchasing an additional 23,117 shares during the period. Royal Bank of Canada owned approximately 0.53% of Veeva Systems worth $152,873,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Veeva Systems during the fourth quarter valued at $332,412,000. Durable Capital Partners LP purchased a new position in Veeva Systems during the second quarter worth about $281,351,000. Arrowstreet Capital Limited Partnership increased its stake in Veeva Systems by 203.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after acquiring an additional 611,868 shares during the last quarter. AQR Capital Management LLC increased its stake in Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company’s stock worth $706,078,000 after acquiring an additional 574,164 shares during the last quarter. Finally, Swedbank AB raised its holdings in shares of Veeva Systems by 43.5% in the 1st quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after acquiring an additional 498,971 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 2.8%

Shares of Veeva Systems stock opened at $202.06 on Friday. The firm has a market capitalization of $32.82 billion, a PE ratio of 36.02, a price-to-earnings-growth ratio of 0.89 and a beta of 0.94. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The business’s 50-day moving average price is $177.69 and its 200-day moving average price is $180.24.

Veeva Systems (NYSE:VEEV) last released its earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.10. The company had revenue of $882.95 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.97 EPS. 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. As a group, analysts predict that Veeva Systems Inc. will post 6.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Citigroup lifted their price target on Veeva Systems from $176.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, June 4th. TD Cowen reaffirmed a “buy” rating on shares of Veeva Systems in a research note on Thursday, June 4th. BNP Paribas Exane reiterated an “outperform” rating and set a $285.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. BMO Capital Markets cut their price target on shares of Veeva Systems from $220.00 to $175.00 and set a “market perform” rating for the company in a research note on Thursday, June 4th. Finally, Stifel Nicolaus cut their price target on shares of Veeva Systems from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Thursday, June 4th. One equities research 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 company’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus 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.