Veeva Systems Inc. $VEEV Stock Purchased by Cardinal Capital Management

Cardinal Capital Management increased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 24.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,971 shares of the technology company’s stock after buying an additional 2,334 shares during the quarter. Cardinal Capital Management’s holdings in Veeva Systems were worth $3,417,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in VEEV. Principal Financial Group Inc. increased its position in Veeva Systems by 7.0% during the first quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock worth $727,513,000 after buying an additional 271,252 shares during the period. Swedbank AB lifted its stake in Veeva Systems by 43.5% in the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after buying an additional 498,971 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Veeva Systems by 43.6% in the first quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company’s stock valued at $279,970,000 after buying an additional 483,720 shares during the last quarter. Amundi boosted its holdings in shares of Veeva Systems by 8.0% in the first quarter. Amundi now owns 992,977 shares of the technology company’s stock valued at $174,426,000 after acquiring an additional 73,510 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after acquiring an additional 611,868 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $250.23, for a total transaction of $9,008,280.00. Following the completion of the sale, the insider owned 19,449 shares in the company, valued at $4,866,723.27. This represents a 64.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel J. Rizzo sold 4,841 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the sale, the executive vice president owned 7,665 shares of the company’s stock, valued at $2,119,449.15. This trade represents a 38.71% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 56,789 shares of company stock valued at $14,913,889. Company insiders own 10.60% of the company’s stock.

Veeva Systems Stock Up 0.5%

NYSE VEEV opened at $320.20 on Thursday. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $322.99. The business’s 50-day moving average price is $274.67 and its 200 day moving average price is $211.23. The firm has a market cap of $51.84 billion, a P/E ratio of 52.66, a P/E/G ratio of 1.36 and a beta of 0.93.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. The firm had revenue of $927.96 million for the quarter, compared to analysts’ expectations of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. The firm’s revenue for the quarter was up 17.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 EPS. 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, analysts anticipate that Veeva Systems Inc. will post 6.70 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VEEV. Morgan Stanley raised their target price on shares of Veeva Systems from $215.00 to $275.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 27th. Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $220.00 to $260.00 and gave the company a “hold” rating in a report on Thursday, August 27th. TD Cowen lifted their target price on shares of Veeva Systems from $235.00 to $283.00 and gave the company a “buy” rating in a report on Monday, August 24th. Barclays upped their price target on shares of Veeva Systems from $315.00 to $360.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Weiss Ratings upgraded shares of Veeva Systems from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Nineteen investment analysts have rated the stock with 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 has a consensus rating of “Moderate Buy” and an average target price of $287.79.

Veeva Systems Profile

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva’s applications to manage commercial, clinical, regulatory, quality and operational processes.

The company’s Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.