Engineers Gate Manager LP Decreases Holdings in Veeva Systems Inc. $VEEV

Engineers Gate Manager LP reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 68.1% in the 2nd quarter, HoldingsChannel reports. The fund owned 12,010 shares of the technology company’s stock after selling 25,599 shares during the quarter. Engineers Gate Manager LP’s holdings in Veeva Systems were worth $2,131,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in VEEV. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock worth $727,513,000 after acquiring an additional 271,252 shares in the last quarter. Geode Capital Management LLC increased its stake in Veeva Systems by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 3,172,716 shares of the technology company’s stock valued at $706,442,000 after purchasing an additional 23,117 shares during the last quarter. Norges Bank purchased a new position in Veeva Systems in the fourth quarter valued at approximately $332,412,000. Swedbank AB raised its holdings in Veeva Systems by 43.5% during the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock worth $288,983,000 after purchasing an additional 498,971 shares in the last quarter. Finally, Pictet Asset Management Holding SA raised its holdings in Veeva Systems by 43.6% during the first quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company’s stock worth $279,970,000 after purchasing an additional 483,720 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.2%

VEEV stock opened at $266.12 on Wednesday. The company has a market capitalization of $43.09 billion, a P/E ratio of 43.77, a PEG ratio of 1.13 and a beta of 0.97. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50. The business has a 50 day simple moving average of $231.45 and a 200-day simple moving average of $192.34.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The business had revenue of $927.96 million for the quarter, compared to analyst estimates of $905.38 million. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The company’s revenue for the quarter was up 17.6% compared to the same quarter last year. During the same period last year, the firm posted $1.99 earnings per share. 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. Research analysts predict that Veeva Systems Inc. will post 6.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VEEV. Piper Sandler boosted their price objective on shares of Veeva Systems from $295.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. Guggenheim lifted their price target on shares of Veeva Systems from $276.00 to $310.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Royal Bank Of Canada boosted their price target on shares of Veeva Systems from $275.00 to $325.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Truist Financial upped their price objective on shares of Veeva Systems from $262.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Finally, Canaccord Genuity Group raised their price objective on Veeva Systems from $220.00 to $260.00 and gave the stock a “hold” rating in a report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $284.88.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas Schwenger sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $281.33, for a total transaction of $2,813,300.00. Following the transaction, the insider directly owned 19,449 shares of the company’s stock, valued at approximately $5,471,587.17. This trade represents a 33.96% decrease in their position. 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. Also, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $261.04, for a total transaction of $195,780.00. Following the completion of the transaction, the director owned 3,242 shares in the company, valued at approximately $846,291.68. This represents a 18.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 46,750 shares of company stock valued at $12,017,360. 10.60% of the stock is owned by company insiders.

About Veeva Systems

Veeva Systems Inc is a cloud software company that provides technology solutions for the life sciences industry, including pharmaceutical, biotechnology, medical device and related organizations. Its applications are designed to support functions across the product lifecycle, from research and clinical development through regulatory approval, manufacturing, quality management and commercial operations.

The company’s Veeva Vault platform includes applications for clinical data management, electronic trial management, regulatory information, quality processes, safety operations and commercial content management.