Peregrine Capital Management LLC Reduces Stock Position in Veeva Systems Inc. $VEEV

Peregrine Capital Management LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 220,956 shares of the technology company’s stock after selling 4,479 shares during the period. Veeva Systems comprises approximately 1.5% of Peregrine Capital Management LLC’s holdings, making the stock its 14th largest position. Peregrine Capital Management LLC owned approximately 0.13% of Veeva Systems worth $49,324,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Veeva Systems by 3.1% during the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after acquiring an additional 457,806 shares during the last quarter. Alliancebernstein L.P. boosted its position in Veeva Systems by 4.1% in the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company’s stock worth $1,770,071,000 after purchasing an additional 235,983 shares during the last quarter. Principal Financial Group Inc. boosted its position in Veeva Systems by 11.2% in the third quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after purchasing an additional 388,864 shares during the last quarter. State Street Corp grew its stake in shares of Veeva Systems by 2.2% during the 3rd quarter. State Street Corp now owns 3,503,730 shares of the technology company’s stock valued at $1,043,796,000 after purchasing an additional 76,397 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Veeva Systems by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock valued at $1,035,622,000 after purchasing an additional 159,984 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Barclays dropped their price objective on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Wells Fargo & Company dropped their price target on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Morgan Stanley boosted their price objective on shares of Veeva Systems from $205.00 to $215.00 and gave the company an “equal weight” rating in a research report on Thursday, March 5th. Royal Bank Of Canada decreased their target price on Veeva Systems from $330.00 to $275.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. Finally, The Goldman Sachs Group assumed coverage on Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $278.70.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $9.05 during midday trading on Thursday, reaching $154.73. The stock had a trading volume of 302,384 shares, compared to its average volume of 2,161,760. The company has a market capitalization of $25.27 billion, a price-to-earnings ratio of 28.73, a price-to-earnings-growth ratio of 1.10 and a beta of 1.10. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50. The stock has a 50-day moving average of $176.91 and a 200-day moving average of $222.56.

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

Veeva Systems announced that its board has initiated a share buyback plan on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $153.50, for a total transaction of $115,125.00. Following the sale, the director directly owned 4,003 shares of the company’s stock, valued at $614,460.50. This represents a 15.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is owned by company insiders.

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.