Tran Capital Management L.P. Cuts Position in Veeva Systems Inc. $VEEV

Tran Capital Management L.P. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 44.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 46,069 shares of the technology company’s stock after selling 36,978 shares during the period. Veeva Systems makes up approximately 1.2% of Tran Capital Management L.P.’s holdings, making the stock its 24th largest position. Tran Capital Management L.P.’s holdings in Veeva Systems were worth $10,284,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Sivia Capital Partners LLC raised its stake in Veeva Systems by 225.9% during the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock valued at $899,000 after buying an additional 2,164 shares during the last quarter. Lido Advisors LLC increased its holdings in shares of Veeva Systems by 2.6% during the second quarter. Lido Advisors LLC now owns 3,500 shares of the technology company’s stock valued at $1,008,000 after acquiring an additional 88 shares in the last quarter. CW Advisors LLC purchased a new position in shares of Veeva Systems in the 2nd quarter worth about $611,000. Invesco Ltd. raised its position in shares of Veeva Systems by 60.4% in the 2nd quarter. Invesco Ltd. now owns 286,374 shares of the technology company’s stock worth $82,470,000 after purchasing an additional 107,847 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Veeva Systems by 199.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,224 shares of the technology company’s stock worth $640,000 after purchasing an additional 1,482 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

VEEV stock opened at $173.91 on Friday. The company has a market cap of $28.40 billion, a P/E ratio of 32.15, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10. Veeva Systems Inc. has a 1 year low of $168.13 and a 1 year high of $310.50. The stock’s fifty day moving average price is $185.54 and its 200-day moving average price is $233.59.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The company had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same quarter in the prior year, the business earned $1.74 earnings per share. Veeva Systems’s revenue for the quarter was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, analysts expect that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has initiated a share repurchase plan on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

VEEV has been the topic of several recent analyst reports. Citigroup cut their price objective on shares of Veeva Systems from $319.00 to $291.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Piper Sandler cut their price target on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $212.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Truist Financial restated a “buy” rating and issued a $262.00 price target (down from $275.00) on shares of Veeva Systems in a research note on Thursday, March 5th. Finally, Weiss Ratings downgraded Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Seventeen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $283.70.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.30% of the company’s stock.

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.