Veeva Systems Inc. $VEEV Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 226,697 shares of the technology company’s stock after selling 57,304 shares during the period. Russell Investments Group Ltd.’s holdings in Veeva Systems were worth $64,241,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farmers & Merchants Investments Inc. raised its position in shares of Veeva Systems by 181.8% during the third quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company’s stock worth $27,000 after acquiring an additional 60 shares during the last quarter. Burkett Financial Services LLC acquired a new position in shares of Veeva Systems in the third quarter worth approximately $27,000. Pension & Wealth Management Advisors Inc. acquired a new position in shares of Veeva Systems in the third quarter worth approximately $38,000. Lodestone Wealth Management LLC boosted its holdings in Veeva Systems by 68.3% in the third quarter. Lodestone Wealth Management LLC now owns 138 shares of the technology company’s stock valued at $39,000 after acquiring an additional 56 shares during the last quarter. Finally, Compass Financial Management LLC bought a new stake in Veeva Systems in the second quarter valued at approximately $27,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In other news, EVP Daniel J. 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 transaction of $1,338,584.91. Following the transaction, the executive vice president owned 7,665 shares in the company, valued at approximately $2,119,449.15. This represents a 38.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Thomas D. Schwenger sold 10,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the transaction, the insider directly owned 19,449 shares in the company, valued at $5,471,587.17. This trade represents a 33.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 20,789 shares of company stock valued at $5,905,609. Company insiders own 10.60% of the company’s stock.

Veeva Systems Stock Performance

Shares of VEEV stock traded down $0.93 during trading hours on Friday, hitting $301.49. 750,106 shares of the company were exchanged, compared to its average volume of 1,425,373. The firm has a market cap of $48.81 billion, a P/E ratio of 49.59, a P/E/G ratio of 1.29 and a beta of 0.89. Veeva Systems Inc. has a fifty-two week low of $148.05 and a fifty-two week high of $325.99. The company has a 50 day simple moving average of $291.52 and a two-hundred day simple moving average of $214.01.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating 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 company had revenue of $927.96 million during the quarter, compared to analyst estimates of $905.38 million. During the same quarter in the previous year, the business posted $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. As a group, sell-side analysts expect that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

Analysts Set New Price Targets

VEEV has been the subject of a number of recent analyst reports. BMO Capital Markets increased their target price on shares of Veeva Systems from $175.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, August 27th. TD Cowen boosted 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. Wells Fargo & Company upped their price objective on shares of Veeva Systems from $330.00 to $400.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Veeva Systems from $272.00 to $299.00 in a research report on Thursday, August 27th. Finally, BNP Paribas Exane lifted their target price on shares of Veeva Systems from $285.00 to $300.00 in a research note on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $317.42.

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.