Zevenbergen Capital Investments LLC Reduces Holdings in Veeva Systems Inc. $VEEV

Zevenbergen Capital Investments LLC lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 24.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 149,654 shares of the technology company’s stock after selling 48,621 shares during the quarter. Zevenbergen Capital Investments LLC’s holdings in Veeva Systems were worth $33,407,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC increased its position in shares of Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after acquiring an additional 55 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in Veeva Systems during the 4th quarter valued at approximately $27,000. Raiffeisen Bank International AG purchased a new stake in Veeva Systems during the 3rd quarter worth approximately $28,000. OLD Second National Bank of Aurora acquired a new position in shares of Veeva Systems in the 3rd quarter valued at approximately $30,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in shares of Veeva Systems by 58.3% during 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 last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on VEEV shares. UBS Group lifted their price target on shares of Veeva Systems from $200.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, March 5th. Truist Financial reiterated a “buy” rating and set a $262.00 price objective (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. Stifel Nicolaus raised their price objective on shares of Veeva Systems from $212.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Canaccord Genuity Group dropped their target price on shares of Veeva Systems from $280.00 to $235.00 and set a “hold” rating for the company in a research report on Thursday, March 5th. Finally, TD Cowen cut their target price on shares of Veeva Systems from $380.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Seventeen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $283.70.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This represents a 4.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.30% of the company’s stock.

Veeva Systems Trading Up 1.8%

VEEV stock opened at $175.73 on Tuesday. The stock’s 50 day simple moving average is $189.27 and its 200 day simple moving average is $236.15. Veeva Systems Inc. has a 12-month low of $168.13 and a 12-month high of $310.50. The firm has a market cap of $28.70 billion, a P/E ratio of 32.48, a P/E/G ratio of 1.14 and a beta of 1.09.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The firm had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the company 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. On average, research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems announced that its Board of Directors has authorized a share repurchase program on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 5.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

About Veeva Systems

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.