T. Rowe Price Investment Management Inc. Sells 319,450 Shares of Veeva Systems Inc. $VEEV

T. Rowe Price Investment Management Inc. decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 8.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,585,205 shares of the technology company’s stock after selling 319,450 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in Veeva Systems were worth $800,326,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Board of the Pension Protection Fund acquired a new position in shares of Veeva Systems during the 4th quarter worth about $27,000. Raiffeisen Bank International AG bought a new position in Veeva Systems during the 3rd quarter worth approximately $28,000. Newbridge Financial Services Group Inc. grew its holdings in Veeva Systems by 322.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 100 shares during the period. Activest Wealth Management grew its holdings in Veeva Systems by 3,175.0% during the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 127 shares during the period. Finally, BOK Financial Private Wealth Inc. bought a new stake in Veeva Systems in the fourth quarter valued at approximately $33,000. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on VEEV shares. Evercore reiterated an “outperform” rating and issued a $185.00 target price on shares of Veeva Systems in a report on Thursday, June 4th. Royal Bank Of Canada restated an “outperform” rating and issued a $275.00 price objective on shares of Veeva Systems in a research report on Thursday, June 4th. BNP Paribas Exane reaffirmed an “outperform” rating and set a $285.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Canaccord Genuity Group reduced their target price on Veeva Systems from $235.00 to $220.00 and set a “hold” rating on the stock in a report on Thursday, June 4th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $225.00 target price on shares of Veeva Systems in a research note on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $250.96.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the sale, the director directly owned 3,253 shares in the company, valued at $506,296.92. The trade was a 18.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $153.20 on Friday. Veeva Systems Inc. has a 52 week low of $148.05 and a 52 week high of $310.50. The company’s 50 day moving average price is $163.82 and its two-hundred day moving average price is $189.48. The company has a market capitalization of $24.89 billion, a P/E ratio of 27.31, a price-to-earnings-growth ratio of 0.67 and a beta of 0.95.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.10. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The company had revenue of $882.95 million during the quarter, compared to analysts’ expectations of $857.73 million. During the same quarter in the prior year, the company earned $1.97 earnings per share. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. 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. Analysts forecast that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

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.