Veeva Systems Inc. (NYSE:VEEV) Short Interest Up 13.6% in April

Veeva Systems Inc. (NYSE:VEEV) saw a significant growth in short interest in April. As of April 15th, there was short interest totaling 5,821,298 shares, a growth of 13.6% from the March 31st total of 5,124,025 shares. Based on an average daily trading volume, of 2,337,609 shares, the days-to-cover ratio is currently 2.5 days. Currently, 4.0% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group assumed coverage on shares of Veeva Systems in a report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a research note on Friday, February 20th. Citigroup downgraded Veeva Systems from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $291.00 to $176.00 in a research report on Friday, April 10th. Zacks Research upgraded shares of Veeva Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 15th. Finally, Truist Financial reiterated a “buy” rating and issued a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $278.70.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $153.50, for a total value of $115,125.00. Following the completion of the sale, the director owned 4,003 shares of the company’s stock, valued at $614,460.50. This trade represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.30% of the company’s stock.

Institutional Investors Weigh In On Veeva Systems

Several hedge funds have recently bought and sold shares of VEEV. GPS Wealth Strategies Group LLC boosted its position in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after purchasing an additional 55 shares during the period. SHP Wealth Management bought a new position in shares of Veeva Systems during the fourth quarter worth approximately $26,000. Board of the Pension Protection Fund bought a new position in Veeva Systems during the 4th quarter worth $27,000. Raiffeisen Bank International AG bought a new position in shares of Veeva Systems in the third quarter worth $28,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of Veeva Systems by 322.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after buying an additional 100 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Down 1.5%

NYSE:VEEV opened at $155.92 on Friday. Veeva Systems has a 12-month low of $148.05 and a 12-month high of $310.50. The firm has a market capitalization of $25.47 billion, a P/E ratio of 28.82, a P/E/G ratio of 0.71 and a beta of 1.10. The stock’s fifty day simple moving average is $174.70 and its 200-day simple moving average is $217.25.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. During the same quarter in the previous year, the business earned $1.74 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. 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, equities research analysts expect that Veeva Systems will post 6.41 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has approved a stock repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 5.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.