Pictet Asset Management Holding SA Sells 200,579 Shares of Veeva Systems Inc. $VEEV

Pictet Asset Management Holding SA decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 10.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,751,190 shares of the technology company’s stock after selling 200,579 shares during the quarter. Pictet Asset Management Holding SA owned about 1.08% of Veeva Systems worth $499,790,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Fundsmith LLP acquired a new stake in Veeva Systems during the 2nd quarter valued at approximately $144,955,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Veeva Systems by 203.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock worth $160,427,000 after purchasing an additional 611,868 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Veeva Systems by 757.5% in the first quarter. Pacer Advisors Inc. now owns 485,046 shares of the technology company’s stock worth $85,203,000 after acquiring an additional 428,478 shares during the last quarter. Ashe Capital Management LP purchased a new stake in shares of Veeva Systems during the second quarter worth $75,232,550. Finally, Principal Financial Group Inc. lifted 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 buying an additional 271,252 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.9%

NYSE:VEEV opened at $304.23 on Friday. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $325.99. The company has a market capitalization of $49.26 billion, a PE ratio of 50.04, a P/E/G ratio of 1.30 and a beta of 0.89. The stock’s 50 day moving average price is $289.24 and its 200 day moving average price is $211.95.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. During the same quarter in the prior year, the firm earned $1.99 EPS. Veeva Systems’s quarterly revenue was up 17.6% on a year-over-year basis. 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. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 36,000 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $250.23, for a total value of $9,008,280.00. Following the completion of the transaction, the insider directly owned 19,449 shares of the company’s stock, valued at approximately $4,866,723.27. This trade represents a 64.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel J. Rizzo sold 4,841 shares of the firm’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 7,665 shares of the company’s stock, valued at $2,119,449.15. The trade was a 38.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 56,789 shares of company stock worth $14,913,889. Insiders own 10.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on VEEV shares. Royal Bank Of Canada increased their price target on Veeva Systems from $325.00 to $365.00 and gave the company an “outperform” rating in a report on Friday. Wells Fargo & Company reissued an “overweight” rating and issued a $330.00 target price (up from $320.00) on shares of Veeva Systems in a research report on Tuesday, September 8th. TD Cowen increased their price target on shares of Veeva Systems from $235.00 to $283.00 and gave the stock a “buy” rating in a research report on Monday, August 24th. Oppenheimer reiterated an “outperform” rating and issued a $325.00 price objective (up from $300.00) on shares of Veeva Systems in a research note on Thursday, October 15th. Finally, Raymond James Financial raised their target price on shares of Veeva Systems from $225.00 to $330.00 in a report on Thursday, August 27th. Nineteen research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $309.08.

Veeva Systems News Summary

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

Veeva Systems Company Profile

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.