Veeva Systems Inc. $VEEV Shares Acquired by California Public Employees Retirement System

California Public Employees Retirement System lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 5.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,392 shares of the technology company’s stock after buying an additional 13,534 shares during the quarter. California Public Employees Retirement System’s holdings in Veeva Systems were worth $80,552,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Alphinity Investment Management Pty Ltd acquired a new stake in Veeva Systems in the third quarter valued at $422,241,000. Norges Bank acquired a new position in shares of Veeva Systems during the 2nd quarter worth $384,265,000. Durable Capital Partners LP acquired a new position in shares of Veeva Systems during the 2nd quarter worth $281,351,000. AQR Capital Management LLC increased its holdings in shares of Veeva Systems by 111.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after purchasing an additional 969,905 shares in the last quarter. Finally, Schroder Investment Management Group increased its holdings in shares of Veeva Systems by 1,039.4% in the 2nd quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after purchasing an additional 925,896 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VEEV. Wells Fargo & Company decreased their price objective on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $212.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, March 5th. BTIG Research reiterated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a research report on Friday, November 21st. Royal Bank Of Canada decreased their price target on Veeva Systems from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. lowered their price target on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Seventeen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $283.70.

Veeva Systems Trading Up 3.7%

Shares of NYSE VEEV opened at $185.49 on Tuesday. The company’s 50-day moving average price is $199.10 and its 200 day moving average price is $242.72. Veeva Systems Inc. has a 52 week low of $168.13 and a 52 week high of $310.50. The stock has a market cap of $30.49 billion, a price-to-earnings ratio of 34.29, a PEG ratio of 1.19 and a beta of 1.09.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 14.11%. The company had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same quarter in the previous year, the business posted $1.74 earnings per share. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, research analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

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

Veeva Systems 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.