East Coast Asset Management LLC. Takes Position in Veeva Systems Inc. $VEEV

East Coast Asset Management LLC. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) during the first quarter, Holdings Channel reports. The institutional investor purchased 9,480 shares of the technology company’s stock, valued at approximately $1,665,000. Veeva Systems comprises 0.5% of East Coast Asset Management LLC.’s investment portfolio, making the stock its 25th largest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Robeco Institutional Asset Management B.V. lifted its holdings in Veeva Systems by 11.3% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company’s stock worth $199,137,000 after acquiring an additional 90,703 shares in the last quarter. Empire Life Investments Inc. increased its holdings in shares of Veeva Systems by 21.1% in the fourth quarter. Empire Life Investments Inc. now owns 37,054 shares of the technology company’s stock worth $8,272,000 after acquiring an additional 6,453 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Veeva Systems by 217.2% in the fourth quarter. Farther Finance Advisors LLC now owns 10,470 shares of the technology company’s stock worth $2,337,000 after acquiring an additional 7,169 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Veeva Systems by 14.2% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,110,075 shares of the technology company’s stock worth $247,817,000 after purchasing an additional 137,965 shares during the period. Finally, BNP Paribas raised its position in shares of Veeva Systems by 89.3% during the fourth quarter. BNP Paribas now owns 19,239 shares of the technology company’s stock worth $4,308,000 after purchasing an additional 9,077 shares during the period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $194.23 on Tuesday. The stock has a market capitalization of $31.55 billion, a price-to-earnings ratio of 34.62, a PEG ratio of 0.80 and a beta of 0.94. The stock’s 50 day moving average price is $175.19 and its two-hundred day moving average price is $181.01. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.10. The company had revenue of $882.95 million during the quarter, compared to analysts’ expectations of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The business’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period last year, the business earned $1.97 EPS. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. On average, equities research analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current year.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares of the company’s stock, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Raymond James Financial reiterated an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. Barclays dropped their target price on shares of Veeva Systems from $250.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, June 4th. Citigroup upped their price target on shares of Veeva Systems from $176.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, June 4th. Royal Bank Of Canada reissued an “outperform” rating and set a $275.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, Evercore reaffirmed an “outperform” rating and issued a $185.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen 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, the company has an average rating of “Moderate Buy” and a consensus target price of $247.08.

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.