NewEdge Advisors LLC Reduces Holdings in Veeva Systems Inc. $VEEV

NewEdge Advisors LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 51.5% during the 1st quarter, HoldingsChannel reports. The fund owned 4,305 shares of the technology company’s stock after selling 4,569 shares during the period. NewEdge Advisors LLC’s holdings in Veeva Systems were worth $756,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Veeva Systems during the 4th quarter worth $332,412,000. Durable Capital Partners LP purchased a new position in Veeva Systems during the second quarter worth about $281,351,000. Arrowstreet Capital Limited Partnership grew its stake in shares of Veeva Systems by 203.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after buying an additional 611,868 shares during the period. AQR Capital Management LLC raised its position in shares of Veeva Systems by 31.2% during 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 buying an additional 574,164 shares during the period. Finally, Swedbank AB lifted its holdings in Veeva Systems by 43.5% in the first quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after acquiring an additional 498,971 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on VEEV shares. Wells Fargo & Company increased their target price on Veeva Systems from $317.00 to $320.00 and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Raymond James Financial reissued an “outperform” rating and issued a $225.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. BNP Paribas Exane reiterated an “outperform” rating and set a $285.00 target price on shares of Veeva Systems in a report on Thursday, June 4th. BMO Capital Markets dropped their price target on shares of Veeva Systems from $220.00 to $175.00 and set a “market perform” rating for the company in a research note on Thursday, June 4th. Finally, Evercore reiterated an “outperform” rating and issued a $185.00 target price on shares of Veeva Systems in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average target price of $247.08.

Veeva Systems Price Performance

NYSE VEEV opened at $204.09 on Monday. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50. The firm has a market capitalization of $33.15 billion, a PE ratio of 36.38, a P/E/G ratio of 0.88 and a beta of 0.92. The company’s 50 day simple moving average is $178.56 and its 200 day simple moving average is $180.04.

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

Veeva Systems 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.