Principal Financial Group Inc. Increases Stake in Veeva Systems Inc. $VEEV

Principal Financial Group Inc. raised its position in Veeva Systems Inc. (NYSE:VEEV) by 7.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,141,545 shares of the technology company’s stock after acquiring an additional 271,252 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $727,513,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. First Growth Capital LLC purchased a new position in Veeva Systems during the first quarter worth about $471,000. Chicago Partners Investment Group LLC boosted its holdings in Veeva Systems by 107.9% in the 1st quarter. Chicago Partners Investment Group LLC now owns 2,813 shares of the technology company’s stock valued at $461,000 after purchasing an additional 1,460 shares in the last quarter. AMF Tjanstepension AB acquired a new position in Veeva Systems during the 1st quarter worth approximately $1,989,000. Triglav Investments D.O.O. purchased a new position in shares of Veeva Systems during the 1st quarter worth approximately $790,000. Finally, Teachers Retirement System of The State of Kentucky raised its stake in shares of Veeva Systems by 8.6% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 24,304 shares of the technology company’s stock worth $4,269,000 after buying an additional 1,927 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on VEEV shares. Zacks Research cut Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 14th. Wall Street Zen upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Wells Fargo & Company raised their target price on Veeva Systems from $317.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, June 4th. Raymond James Financial restated an “outperform” rating and set a $225.00 target price on shares of Veeva Systems in a research report on Thursday, June 4th. Finally, Stifel Nicolaus cut their price target on shares of Veeva Systems from $245.00 to $230.00 and set a “buy” rating for the company in a report 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $247.74.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the sale, the director owned 3,253 shares of the company’s stock, valued at $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 Price Performance

NYSE VEEV opened at $197.16 on Tuesday. Veeva Systems Inc. has a 1-year low of $148.05 and a 1-year high of $310.50. The company has a market capitalization of $32.03 billion, a P/E ratio of 35.15, a PEG ratio of 0.82 and a beta of 0.94. The business has a 50 day moving average price of $169.51 and a 200 day moving average price of $183.36.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.10. The company had revenue of $882.95 million for the quarter, compared to the consensus estimate of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.Veeva Systems’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.97 earnings per share. 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. On average, research analysts expect that Veeva Systems Inc. will post 6.65 earnings per share for the current fiscal year.

Veeva Systems Company Profile

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.