Saudi Central Bank Grows Holdings in Veeva Systems Inc. $VEEV

Saudi Central Bank raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 78.5% in the 2nd quarter, Holdings Channel reports. The firm owned 10,290 shares of the technology company’s stock after purchasing an additional 4,526 shares during the quarter. Saudi Central Bank’s holdings in Veeva Systems were worth $1,826,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. SHP Wealth Management bought a new stake in Veeva Systems during the 4th quarter valued at about $26,000. MV Capital Management Inc. bought a new position in Veeva Systems in the 4th quarter worth about $30,000. Reflection Asset Management purchased a new position in shares of Veeva Systems during the fourth quarter worth approximately $32,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Veeva Systems during the fourth quarter worth approximately $33,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of Veeva Systems during the third quarter valued at approximately $45,000. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on VEEV shares. Mizuho increased their price objective on Veeva Systems from $270.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Barclays upped their target price on Veeva Systems from $275.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. BMO Capital Markets raised their price target on Veeva Systems from $175.00 to $270.00 and gave the company a “market perform” rating in a research note on Thursday, August 27th. Needham & Company LLC upped their price objective on shares of Veeva Systems from $270.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Finally, Guggenheim upped their price target on shares of Veeva Systems from $276.00 to $310.00 and gave the stock a “buy” rating in a research report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $284.88.

Insider Activity at Veeva Systems

In other news, insider Thomas Schwenger sold 10,000 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $281.33, for a total value of $2,813,300.00. Following the sale, the insider owned 19,449 shares in the company, valued at $5,471,587.17. This represents a 33.96% decrease in their ownership of the stock. The sale was disclosed in a filing 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 owned by insiders.

Veeva Systems Trading Down 3.6%

Shares of NYSE:VEEV opened at $265.11 on Wednesday. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50. The company’s 50 day moving average is $224.19 and its 200 day moving average is $189.32. The company has a market cap of $42.92 billion, a PE ratio of 43.60, a price-to-earnings-growth ratio of 1.17 and a beta of 0.97.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million during the quarter, compared to analysts’ expectations of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm’s revenue was up 17.6% compared to the same quarter last year. During the same quarter last year, the company posted $1.99 earnings per share. 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. Equities research analysts predict that Veeva Systems Inc. will post 6.7 earnings per share for the current fiscal year.

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.