New York State Common Retirement Fund Has $23.76 Million Position in Veeva Systems Inc. $VEEV

New York State Common Retirement Fund cut its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 68.2% during the third quarter, Holdings Channel reports. The institutional investor owned 79,741 shares of the technology company’s stock after selling 171,213 shares during the quarter. New York State Common Retirement Fund’s holdings in Veeva Systems were worth $23,756,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Trust Co. of Toledo NA OH acquired a new stake in shares of Veeva Systems during the 2nd quarter worth approximately $29,000. OLD Second National Bank of Aurora bought a new position in Veeva Systems in the third quarter worth $30,000. Legacy Investment Solutions LLC acquired a new stake in Veeva Systems during the second quarter worth $32,000. Cary Street Partners Investment Advisory LLC increased its holdings in Veeva Systems by 58.3% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock valued at $38,000 after buying an additional 49 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Veeva Systems in the 2nd quarter valued at $41,000. 88.20% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the transaction, the insider owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.30% of the stock is owned by company insiders.

Veeva Systems Trading Down 2.8%

VEEV opened at $204.08 on Friday. Veeva Systems Inc. has a 1-year low of $201.54 and a 1-year high of $310.50. The stock has a market capitalization of $33.55 billion, a PE ratio of 39.70, a PEG ratio of 1.55 and a beta of 1.07. The firm has a 50-day moving average price of $227.25 and a two-hundred day moving average price of $264.62.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.95 by $0.09. Veeva Systems had a net margin of 27.93% and a return on equity of 13.68%. The business had revenue of $0.81 million for the quarter, compared to analysts’ expectations of $792.37 million. During the same period in the prior year, the firm earned $1.75 earnings per share. Veeva Systems’s revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2026 guidance at 7.930-7.93 EPS and its Q4 2026 guidance at 1.920-1.920 EPS. On average, research analysts predict that Veeva Systems Inc. will post 4.35 EPS 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 shares. This buyback authorization allows the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price on the stock. Citigroup dropped their target price on Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a report on Monday, November 24th. Wall Street Zen lowered Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Wells Fargo & Company lowered their price target on Veeva Systems from $341.00 to $333.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 25th. Finally, Barclays cut their price objective on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating for the company in a report on Friday, November 21st. Eighteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $308.04.

Veeva Systems 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.