Veeva Systems Inc. $VEEV Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 78.2% during the fourth quarter, Holdings Channel reports. The firm owned 516,394 shares of the technology company’s stock after selling 1,851,158 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Veeva Systems were worth $115,275,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Alphinity Investment Management Pty Ltd acquired a new stake in Veeva Systems during the third quarter worth approximately $422,241,000. Durable Capital Partners LP acquired a new position in shares of Veeva Systems in the 2nd quarter valued at $281,351,000. ABN AMRO Bank N.V. acquired a new position in shares of Veeva Systems in the 3rd quarter valued at $246,625,000. AQR Capital Management LLC increased its holdings in shares of Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company’s stock valued at $706,078,000 after acquiring an additional 574,164 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 3.1% in the 3rd 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 period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on VEEV shares. Wells Fargo & Company cut their target price on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. 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 report on Thursday, March 5th. Royal Bank Of Canada dropped their price objective on shares of Veeva Systems from $330.00 to $275.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. UBS Group boosted their price objective on shares of Veeva Systems from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Thursday, March 5th. Finally, 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 research note on Wednesday, February 25th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $278.70.

Veeva Systems Stock Performance

Shares of VEEV opened at $158.45 on Tuesday. The stock has a market capitalization of $25.88 billion, a P/E ratio of 29.29, a P/E/G ratio of 0.99 and a beta of 1.10. The company’s fifty day moving average is $179.63 and its two-hundred day moving average is $228.42. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. The company had revenue of $835.95 million for the quarter, compared to analysts’ expectations of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. Veeva Systems’s revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.74 EPS. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Sell-side 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 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 generally a sign that the company’s board 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.