1,918 Veeva Systems Inc. $VEEV Shares Sold by Candriam S.C.A.

Candriam S.C.A. cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 0.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 287,807 shares of the technology company’s stock after selling 1,918 shares during the quarter. Candriam S.C.A. owned 0.18% of Veeva Systems worth $82,455,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 7.0% in the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock worth $727,513,000 after acquiring an additional 271,252 shares in the last quarter. Amundi raised its stake in shares of Veeva Systems by 8.0% in the first quarter. Amundi now owns 992,977 shares of the technology company’s stock valued at $174,426,000 after acquiring an additional 73,510 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after acquiring an additional 611,868 shares in the last quarter. Royal Bank of Canada raised its stake in shares of Veeva Systems by 2.7% in the first quarter. Royal Bank of Canada now owns 870,281 shares of the technology company’s stock valued at $152,873,000 after acquiring an additional 23,117 shares in the last quarter. Finally, Fundsmith LLP acquired a new stake in shares of Veeva Systems in the second quarter valued at $144,955,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Down 1.9%

Shares of Veeva Systems stock opened at $304.23 on Friday. The company has a fifty day simple moving average of $289.24 and a 200-day simple moving average of $211.95. The stock has a market cap of $49.26 billion, a price-to-earnings ratio of 50.04, a PEG ratio of 1.30 and a beta of 0.89. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $325.99.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. During the same period last year, the business earned $1.99 EPS. Veeva Systems’s revenue for the quarter was up 17.6% compared to the same quarter last year. 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. On average, analysts forecast that Veeva Systems Inc. will post 6.70 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on VEEV. Evercore lifted their target price on Veeva Systems from $185.00 to $250.00 in a report on Thursday, October 8th. UBS Group upped their price target on Veeva Systems from $290.00 to $325.00 and gave the stock a “neutral” rating in a report on Friday. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $330.00 price target (up from $320.00) on shares of Veeva Systems in a research report on Tuesday, September 8th. Raymond James Financial increased their price target on Veeva Systems from $225.00 to $330.00 in a research report on Thursday, August 27th. Finally, Truist Financial lifted their price objective on Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $309.08.

Veeva Systems News Roundup

Here are the key news stories impacting Veeva Systems this week:

• Positive Sentiment: Royal Bank of Canada raised its price target to $365 from $325 and reiterated an “outperform” rating, implying about 20% upside from the cited $304.23 share price. Royal Bank of Canada recommendations
• Positive Sentiment: Needham raised its target to $360 from $310 and maintained a “buy” rating, citing about 18% potential upside from $304.23. Needham recommendations
• Positive Sentiment: Stifel lifted its price target to $340 from $300, adding to the wave of upward target revisions. Stifel raises Veeva price target
• Positive Sentiment: UCB selected Veeva Vault CRM as a core platform for its commercial operations and plans to use industry-specific AI for product launches and customer engagement. The deal supports Veeva’s positioning as a specialized technology provider for life sciences companies. Veeva becomes core CRM choice for major biopharma AI rollout

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 5,198 shares of the business’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $299.72, for a total value of $1,557,944.56. Following the completion of the sale, the senior vice president directly owned 4,130 shares of the company’s stock, valued at approximately $1,237,843.60. The trade was a 55.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the company’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the sale, the executive vice president directly owned 7,665 shares of the company’s stock, valued at approximately $2,119,449.15. This trade represents a 38.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 56,789 shares of company stock valued at $14,913,889 over the last quarter. Company insiders own 10.60% of the company’s stock.

About Veeva Systems

Veeva Systems Inc develops cloud-based software, data and consulting services for the life sciences industry. Its customers include pharmaceutical and biotechnology companies, medical device makers and contract research organizations.

The company’s products support commercial operations as well as clinical, regulatory, quality and safety activities. Its offerings include Veeva Vault applications for managing documents and business processes, customer relationship management software, and data and analytics services.

Founded in 2007 and headquartered in Pleasanton, California, Veeva serves life sciences companies in markets around the world.